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The cost of decarbonizing the shipping industry will have a knock-on effect on consumers, according to a CEO in the maritime industry. "There will be an inflationary impact coming from [the] decarbonization of shipping … there is no question of it," Bertrand Chen, CEO of the Global Shipping Business Network, told CNBC's East Tech West conference in the Nansha district of Guangzhou, China. New European rules that effectively tax shipping lines for their emissions would push up costs, Chen added. The European Union's Emissions Trading System (ETS) is set to be extended to the shipping industry starting in January 2024, meaning that large ships entering EU ports will be charged for their carbon dioxide emissions. Chen described the EU initiative as "a natural action that will lead to some interesting effects."
Persons: Bertrand Chen, Chen Organizations: Global Shipping Business Network, CNBC's East Tech West, EU, ETS Locations: Nansha, Guangzhou, China, New
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCost of shipping going green will contribute to inflation 'no question,' says industry CEO“There will be an inflationary impact coming from [the] decarbonization of shipping ... there is no question of it," said Bertrand Chen, CEO of the Global Shipping Business Network, speaking at CNBC's East Tech West conference. The EU will extend its Emissions Trading System to the maritime industry in 2024 — effectively a carbon tax to be paid by shipping lines, and a cost to consumers, Chen added.
Persons: Bertrand Chen, , Chen Organizations: Global Shipping Business Network, CNBC's East Tech West, EU
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