Bummer: Climate Cash For Shipping Push Not Going Well

Why does it always seem to be that cult is looking to take money from Other People? Along with taking their freedom and life choices

Hopes fade for climate cash from carbon price on shipping

Government negotiators at the International Maritime Organization (IMO) are likely to agree next week to put a price on at least some shipping emissions, with most of the money going to subsidise clean fuels and help ports and workers adjust to their use, sources close to the talks told Climate Home.

The negotiations in London run until April 11 – and nothing has yet been finally agreed. But governments are discussing the details of a proposal put forward by the talks’ Norwegian chair Sveinung Oftedal in an attempt to reach a compromise on the first such system for a global sector.

The proposal says that revenues raised for the new IMO Net Zero Fund should be spent within the shipping sector and its fuel supply chain.

It specifies that the money should be allocated to green fuels and the infrastructure and workers needed to transition to them, to protecting the maritime industry from climate change, and to addressing negative impacts from a carbon price on shipping emissions, such as food inflation caused by rising shipping costs.

Well, most of those “green fuels” do not exist in any sort of amount that would allow shipping to continue. Not these these cultists care.

Climate campaigners – and some countries, particularly small island and African nations – had hoped that at least some of the revenue would be spent on climate action in developing countries outside the shipping sector, on things like solar panels, drought-resistant seeds and rebuilding roads destroyed by floods.

Last week, Kenyan climate envoy Ali Mohamed wrote in a piece for Climate Home that the money raised should “transcend the maritime sector” and support “broader climate projects” including in landlocked states.

But some other developing countries do not want this money – much of which will be paid by shipowners in their nations – to replace the climate finance that rich governments are supposed to provide under the UN climate convention.

In other words, it’s a scam to redistribute money that wasn’t earned. Same old same old.

Shipowners will have to pay if they don’t reduce emissions by a certain percentage by set years.

The chair’s proposal is to use the targets agreed for global shipping in 2023 – a 20% reduction in emissions by 2030 and 70% by 2040.

If a ship does not meet these targets, it will have to buy a permit known as a “remedial unit” from the IMO’s Net Zero Fund. This is likely to be several hundreds of dollars per tonne of carbon dioxide equivalent (CO2e) emitted above the agreed level.

And guess who is going to pay for this? Anyone?

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