FINANCE

The shipping industry by Reuters is facing ESG heat from suppliers


দৃশ্য Reuters A view of shipping containers stacked at Southampton Dock, Southampton, UK, October 18, 2021. Pictures taken with drones. Reuters / Matthew Childs

By Jonathan Saul

LONDON (Reuters) – Banks are demanding stricter environmental standards when financing shipping companies, according to Boston Consulting Group (BCG), as investors are under increasing pressure to grow green in the sector.

Shipping, which transports about 90% of world trade, accounts for about 3% of world CO2 emissions and BCG predicts that the industry will need 2. 2.4 trillion to achieve net-zero emissions by 2050.

“ESG-driven requests are already urging banks to take further action. Shipping is already feeling it and they (shipping companies) are now under pressure,” said Peter James, a BCG partner who is a consultant at the COP26 UN Climate Conference. October 31

Standard Chartered (OTC 🙂 has already provided loans with sustainable targets for drilling group Odfzel and the shipping division of Oman’s Asiad Group in Oman.

“As banks invest in new assets, banks are going to pave the way for CO2 reduction through their policies,” Jameson told Reuters.

“Banks are also feeling the pressure of shareholders from insurance companies and this is also seeing the reason for the revaluation of large pension funds.”

Leading analysts estimate that the top shipping financiers currently provide the industry with about billion 1 billion a year.

Of the BCG estimate of 4 2.4 trillion needed to achieve net-zero mission migration by 2050, Jameson said এখন 500 billion will be needed by 2030 and the remaining 9 1.9 trillion by 2030-2050.

The total amount – about .7 1.7 trillion – will go towards future energy development.

“Sources of funding are already available, but much more is needed,” Jameson said.

According to the BCG, the ESG-related assets under management will represent up to 80% of the total shipping by 2030.

The UN’s shipping agency, the International Maritime Organization (IMO), has said it aims to reduce overall greenhouse gas (GHG) emissions by 50% by 2020, but industry groups are urging the government to make further progress.

BCG managing director Ulrik Sanders said: “The risks on the balance sheets will start to ask the IMO more questions.

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