International pressure mounting to curb greenhouse gases, say Middle East Money and Ships organisers

"Shipping is one of the most environmentally sound means of transport with lower carbon dioxide emissions than road or air transport but it is essential for the industry to take serious measures to reduce the impact on the environment,"

said Christopher Hayman, Chairman of Seatrade, organisers of the Middle East Money & Ships conference in Dubai.

"This debate is now essential for the region as by the end of this year options which would have a multi-billion dollar impact are due to be considered by international maritime regulators, including the United Nations. It is time for Middle East shipowners to have their voice heard," he added.

Hayman was speaking ahead of a special half-day 'Thinking of the Future' session on the shipping industry and climate change due to take place on the final afternoon of the conference which runs from 7 to 8 October 2009 at the Grand Hyatt Hotel, Dubai.

The session is being organised in conjunction with the Baltic and International Maritime Council (BIMCO), an independent international shipping association with a membership of shipowners, managers, brokers and agents. The association has observer status with United Nations organisations.

"Shipping accounts for almost 90% of all of the world's transport and, while there are no precise figures on how much greenhouse gas is emitted by shipping, it is estimated at around 4% of total global carbon dioxide emissions," Hayman said

"This is just as much an issue for Middle East shipowners as it is for others worldwide and why this special session with BIMCO has been arranged," he added. "Regional shipowners need to acquaint themselves with the options being considered internationally which would force them to adopt measures to reduce greenhouse gas emissions."

Britain's Chamber of Shipping is seeking to bring the industry into a global carbon trading net. The initiative is backed by the shipping associations of Australia, Belgium, Norway and Sweden. It is estimated that permits for a global shipping cap and trade system could cost between €5bn and €6bn at current carbon prices. European Union diplomats are proposing cuts of between 10% and 20% on emissions linked to a tax on fuel to generate billions of dollars to help poor countries cope with climate change.

The International Maritime Organisation has yet to decide on a mechanism to curb carbon emissions from shipping but the options will be part of the UN Climate Change Conference planned for Copenhagen, Denmark, in December which aims to arrive at a global climate pact to succeed the Kyoto Protocol.

Shipping was not covered by Kyoto, the climate change treaty agreed in 1997, but according to recent reports Britain, Ireland, France, the Netherlands, and most eastern European states have indicated support for a cut of 20% or more to shipping emissions at Copenhagen. Other seafaring nations such as Malta, Cyprus and Spain favour easier reductions.

The options under discussion will be explained in detail at the 'Thinking of the Future' special session of Money & Ships by Peter Sand, shipping analyst for BIMCO. Shipowner options to lessen environmental impact and help combat climate change will be outlined by Willem Dirk Pols, Manager Marine Systems for Middle East and Africa, of Lloyd's Register.

Principal sponsor of Middle East Money & Ships is the National Iranian Tanker Company, a private company with one of the world's most modern fleets of double-hulled tankers. Other sponsors are DNV, an independent foundation with the purpose of safeguarding life, property and the environment; DP World, one of the largest marine terminal operators in the world; Eships, equally owned by Invest AD and Mubadala; the Islamic P&I Club, affiliated to the Organisation of Islamic Conference; Lloyd's Register, which assesses and certifies ships, systems and facilities; and Tufton Oceanic Finance Group, a fund management firm focused on maritime and energy sectors.

Supporting organisations are the Baltic and International Maritime Council; the Dubai Maritime City Authority; the Organisations of Islamic Shipowners Association; and the UAE Shipowners Association.

The 2009 Seatrade Middle East & Indian Subcontinent annual regional awards, recognising maritime safety and environment, ship and port operations and security, plus port and shipping business efficiency, will follow this year's Money & Ships conference. The award's Gala Presentation Dinner will be staged at Madinat Jumeirah, Dubai, on the night of Thursday 8 October 2009. The gala event is expected to be attended by around 800 senior executives from the region's maritime industry.