With the Paris Agreement now having the signed support of over 50 nations, COP21 has been a historically successful U.N climate negotiation, but many industries don’t know what this means for them, according to BusinessGreen.
The Political, Economic, Social and Technological implications of the agreement could make a significant impact on industries such as shipping, as climate regulation not only effects the ships themselves but the infrastructure of ports, transport in and out of ports and the technology used in logistics.
Back in January, 2015, it was announced that shipping was exempt from the clauses of COP21 regulations, and although there was protest from both inside and outside the shipping industry, emissions regulation has remained lax.
In an article published by Tatham Macinnes LLP, it was reported that shipping and aviation are predicted to contribute up to 40% of global emissions by 2050, but the IMO managed to avoid the industry being included in the environmental law.
Peter Hinchliffe, Secretary General of the International Chamber of Shipping, said: “While shipping may currently have CO2 emissions comparable to a major OECD economy, it is inappropriate for the ITF to propose that the industry should be treated like an OECD economy.”
This may not last forever, as COP 22 is to be held in Marrakesh on November 7 to November 8, 2016, and the environmental impact of the shipping industry is back on the agenda.
Jill Duggan, Director of Policy at CISL, said: “It's very important to understand how this changes the way they should be thinking about their business models, their research and development, their technical development, and the investments that they make.”