Eleven banks that lend to maritime shipping companies have announced that climate impact will now feature in the criteria that determine their lending limit to the container lines. The banks will reportedly set their standards based on the International Maritime Organization’s 2018 climate commitment that envisions a 50 percent reduction from the CO2 emission levels seen in 2008 by 2050, and a 40 percent cut in individual ship emissions from 2008 levels by 2030.
This move is likely to create a sizable impact in the industry, as the 11 banks collectively represent roughly 20 percent of the financing that flows into the global shipping market. “We’re making banks alert to the consequences of climate change in their portfolios,” said Michael Parker, global industry head for shipping with Citigroup. “We’re now taking climate change issues into decision-making in a way that helps the industry transition to necessary technology to design ships, reduce emissions and de-carbonize the industry.”
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Oil production in the Permian basin is expected to hit a new record by a month on month increase of 55,000 barrel per day (b/d) in July, eventually reaching 4.226 million b/d next month.
“I believe that a child born today will look back on our era now and laugh at what we do. A child born today will probably never learn to drive a car, will be driven around in an autonomous vehicle, and will think it’s ridiculous that we put up with the air quality as we do.”
– Stephen Voller, the CEO of ZapGo, a fast electric charging technology startup, commenting on the future of transport.
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Hammer down everyone!