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☆ Japan released treated wastewater from the Fukushima nuclear disaster into the ocean. Experts say it's safe, but one would avoid the fish.
▼ + stars: | 2023-08-24 | by ( Rupendra Brahambhatt | ) www.businessinsider.com time to read: +8 min

Japan said it plans to release 1 million metric tons of treated radioactive water into the Pacific. Nuclear experts said the discharge is safe but one said he'd avoid eating fish near Fukushima. The water is from its Fukushima nuclear power plant that, in 2011, underwent a meltdown and is considered one of the biggest nuclear tragedies in history. AdvertisementAdvertisementAfter the 2011 disaster, the radioactive water leaked into the plant's basements where it was collected and later stored in tanks. Why treated radioactive water is 'quite safe'This isn't the first time humans have released water from nuclear plants into a larger body of water.

Persons: Rafael Mariano Grossi, Kathryn Higley, Aldo Bonasera, Higley, Wang Wenbin, Wenbin, there's, JUNG YEON, Bonasera Organizations: Service, Electric Power Co, REUTERS, Kyodo, TEPCO, Tokyo Electric Power, Oregon State University, Texas, Power, Getty, World Health Organization, Greenpeace Locations: Japan, Fukushima, China, Hong Kong, Russia, South Korea, Fish, Seoul, California, Coast

☆ North Korea's space launch program and long-range missile projects
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +5 min

North Korean leader Kim Jong Un gives field guidance at the Seohae satellite launch site, in North Korea, in this photo released on March 11, 2022 by North Korea's Korean Central News Agency (KCNA). Dec. 12, 2012: North Korea successfully launches the Kwangmyongsong-3, putting an object in orbit. April 2013: North Korea establishes the National Aerospace Development Administration (NADA) which purports to pursue space exploration for peaceful purposes. Aug 29, 2017: North Korea fires an intermediate range missile over northern Japan, prompting warnings to residents to take cover. March 16, 2023: North Korea test launches the Hwasong-17 ICBM, its biggest missile, which some analysts believe incorporates technology for space launch vehicles.

Persons: Kim Jong Un, KCNA, Kim Jong Il, Hyon, ”, Kim, Jack Kim, Ed Davies, Josh Smith, Gerry Doyle Organizations: Korean Central News Agency, REUTERS, Rights, Japan's Coast Guard, ., North Korea, National Aerospace Development Administration, United, International, Japan, International Maritime Organization, Pacific, Thomson Locations: North Korea, North, Rights SEOUL, South Korea, United States, Korea, Pyongyang, Japan, U.S, East China

☆ How Y Combinator-backed Seabound is using carbon-capture tech to tackle the shipping industry's problematic emissions
▼ + stars: | 2023-08-21 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +9 min

The Y Combinator-backed Seabound believes its on board carbon-capture tech can play a key role. Fredriksson is the cofounder and CEO of Seabound, a climate-tech startup that aims to lower the greenhouse-gas emissions produced by the shipping industry. Seabound, backed by the famed accelerator Y Combinator, has built a carbon-capture machine that can be retrofitted onto ships. Having tested it on land, Seabound is now using a commercial container ship as its lab in a pilot project with the London-based shipping company Lomar Shipping. Fredriksson added that Seabound's reaction was exothermic, meaning it needed an injection of heat to get started but then was self-sustaining.

Persons: Seabound, Alisha Fredriksson didn't, Fredriksson, It's, Stephen Turnock, Ed Phillips, Alisha Fredriksson, Wen, Turnock, Alisha Fredriksson Decarbonization, we're, We're, Capital's Phillips, Leapfrogging Organizations: Shipping, Maritime Organization, Service, University College London, University Maritime Advisory Services, Southampton University, International Maritime, Planet Capital, Lomar Shipping, Ships Locations: Wall, Silicon, London, Yalova, Turkey

☆ U.S.-led naval group warns ships to avoid Iranian waters to avoid seizure
▼ + stars: | 2023-08-13 | by ( ) www.reuters.com time to read: +1 min

Attendees hold flags from Iran and the United States as Iranian Americans from across California converge in Los Angeles, California, U.S., January 11, 2020. REUTERS/ Patrick T. Fallon/ File PhotoDUBAI, Aug 13 (Reuters) - A U.S.-led naval coalition in the Gulf has warned ships in the region to stay away from Iranian waters to avoid possible seizure, the U.S. Navy said. "The International Maritime Security Construct is notifying regional mariners of appropriate precautions to minimise the risk of seizure based on current regional tensions, which we seek to de-escalate," Commander Timothy Hawkins, spokesman for the Bahrain-based U.S. Fifth Fleet, said late on Saturday. "Vessels are being advised to transit as far away from Iranian territorial waters as possible." The United States would release some Iranians from U.S. prisons as part of the deal, Iran's mission to the United Nations has said.

Persons: Patrick T, Timothy Hawkins, Yousef Saba, William Mallard Organizations: REUTERS, U.S . Navy, Fifth Fleet, United Nations, Thomson Locations: Iran, United States, California, Los Angeles , California, U.S, DUBAI, Hormuz, Washington, Tehran, South Korea, Bahrain, Oman, United

☆ Commercial ships told to stay far away from Iran due to a heightened possibility of attack or seizure
▼ + stars: | 2023-08-12 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +4 min

The US Navy is warning commercial ships to avoid traveling near Iranian territory. Iranian forces have already seized two oil tankers this year. Attacks on ships in the region have increased ever since Trump pulled out of the Iran nuclear deal. Timothy Hawkins said ships "are being advised to transit as far away from Iranian territorial waters as possible," noting a warning issued by the US-based International Maritime Security Construct. Since 2021, Iran has "harassed, attacked, or interfered with" the navigation rights of 15 internationally flagged merchant ships, according to the US Navy.

Persons: Timothy Hawkins, Biden, Trump, —, Michelle Grisé, Grisé Organizations: US Navy, Trump, Service, Associated Press, US, AP, International Atomic Energy Agency, RAND Corporation Locations: Iran, Wall, Silicon, Hormuz, Gulf of Oman, Chevron, Islamic Republic, Europe, Iranian, United States, Washington, Tehran

☆ Ukraine announces 'humanitarian corridor' for ships stuck in Black Sea ports
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

A grain ship carrying Ukrainian grain is seen in the Black Sea, amid Russia's attack on Ukraine, near Ukrainian port of Odesa, Ukraine November 2, 2022. At least initially, the corridor appears to apply to vessels such as container ships that have been stuck in Ukrainian ports since the Feb. 2022 invasion, and were not covered by the deal that opened the ports for grain shipments last year. "Today a new temporary humanitarian corridor has started to work," Oleh Chalyk, a spokesperson for Ukraine's navy, told Reuters by telephone. It said a risk remained from mines in the Black Sea and the military threat from Russia. Last month, Moscow quit the year-old Black Sea grain deal that had allowed Ukraine to safely export agricultural products, saying that a parallel deal to help ease Russia's own grain and fertiliser exports was not being implemented.

Persons: Serhii, Chalyk, Moscow, Olena, Tom Balmforth, Peter Graff Organizations: REUTERS, Reuters, International Maritime Organization, United Nations, Thomson Locations: Ukraine, Ukrainian, Odesa, Russia, Chornomorsk

That risk has been put under the spotlight by the burning car carrier drifting off the Dutch coast. While all logistics companies deal with the risk of EV lithium-ion batteries burning with twice the energy of a normal fire, the maritime industry hasn't kept up with the developing technology and how it creates greater risk, maritime officials and insurers said. There were 209 ship fires reported during 2022, the highest number in a decade and 17% more than in 2021, according to a report from insurer Allianz Global Corporate & Specialty (AGCS) (ALVG.DE). The European Maritime Safety Agency said in a March report the main cargo types identified as responsible for "a large share of cargo fire accidents included ... lithium-ion batteries." Firemen typically put out EV battery fires on roadsides by clearing the area around the burning vehicle and flooding the underside with water, something difficult to do on a RoRo, Dillon said.

Persons: hasn't, EVs, Shoei, Nathan Habers, Douglas Dillon, John Frazee, Marsh, Dillon, Frazee, KVNR's Habers, Joe Biden's, Lisa Baertlein, Anthony Deutsch, Victoria Waldersee, Ben Klayman, Diane Craft Organizations: Allianz, ANGELES, Dutch coastguard, RTL, Allianz Global Corporate, Specialty, Maritime Safety Agency, Royal Association of Netherlands, Tri, Maritime Safety Association, Auto, Firemen, EV, International Maritime Organization, Reuters, Thomson Locations: AMSTERDAM, Dutch, EVs, Delaware, Pennsylvania, New Jersey, China, Europe, Los Angeles, Amsterdam, Berlin

☆ Modern day pirate hunters operate in the 'wild, wild West' as they track countless vessels smuggling 'arms, drugs, and people' on the open seas, former Naval admiral says
▼ + stars: | 2023-07-25 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +5 min

Modern day piracy is alive and well on the open seas. A recent Navy seizure notice shed light on the litany of illegal goods being trafficked. "As long as ships go to sea, there's gonna be piracy," a retired Navy admiral told Insider. "Somewhere in the world today, there's a pirate event," Terry McKnight, a retired Rear Admiral in the US Navy, told Insider. But the moment they exit territorial waters and make for the open seas, maritime officials are ready to apprehend them, he said.

Persons: Terry McKnight, McKnight, Matthew Bash Organizations: Service, US Navy, United States Naval Forces Central Command, International Maritime Bureau, Combined, Force, Getty, U.S . Coast Guard Maritime Safety, U.S . Navy, Warfare Locations: Wall, Silicon, yesteryear, Gulf of Oman, Yemen Republic, West, Somalia, Gulf, Aden, Yemen, Africa, U.S

☆ Zelenskiy sacks Ukraine's ambassador to UK after criticism
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +1 min

[1/2] Ukraine's ambassador to the United Kingdom Vadym Prystaiko arrives for a radio interview in Westminster, London, Britain, April 8, 2022. REUTERS/Tom Nicholson/File photoKYIV, July 21 (Reuters) - President Volodymyr Zelenskiy dismissed Vadym Prystaiko as Ukraine's ambassador to Britain on Friday, days after the envoy publicly criticised the president. A presidential order, which said Prystaiko had also been removed as Ukraine's representative to the International Maritime Organization, gave no reason for the dismissal. Zelenskiy responded by saying Ukraine was always grateful to Britain, a staunch ally. Zelenskiy's order did not say who would replace Prystaiko, 53, an experienced diplomat and former vice prime minister who had held the post as ambassador to Britain for three years.

Persons: United Kingdom Vadym Prystaiko, Tom Nicholson, Volodymyr Zelenskiy, Vadym Prystaiko, Prystaiko, Ben Wallace, Russia's, Zelenskiy, Wallace, Anna Pruchnicka, Timothy Organizations: REUTERS, International Maritime Organization, Sky News, British, Timothy Heritage, Thomson Locations: United Kingdom, Westminster, London, Britain, Kyiv, Ukraine

☆ A space race on the Korean Peninsula
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +13 min

It was not until 2013 that it became the first South Korean rocket to place a satellite in orbit. SPACE CENTRES Russia also helped South Korea build its Naro Space Center while training and launching the first South Korean astronaut on a mission to the International Space Station. In his first summit with former U.S. President Donald Trump in 2018, North Korean leader Kim Jong Un promised to dismantle Sohae, but as talks stalled, North Korea expanded the site. North Korea faces the same challenges, and must avoid flying over South Korea. “The road from South Korea to space has opened now,” President Yoon Suk Yeol said after the 2022 Nuri launch.

Persons: Kim Jong, Moon Jae, Nuri, Jonathan McDowell, Markus Schiller, Schiller, “, ”, ” Schiller, Robert Schmucker, Pyongyang’s, McDowell, KARI, Donald Trump, Kim Jong Un, Dave Schmerler, James Martin, “ Sohae, ” McDowell, Korea’s Nuri, Yoon Suk Yeol Organizations: North, South Korean, U.S, Harvard – Smithsonian Center for Astrophysics, REUTERS, Elon, SpaceX, South, Soviet, Federation of American Scientists, Carnegie Endowment, International Peace, Space Center, International Space, Korea Aerospace Research, James, James Martin Center, Nonproliferation Studies, International Maritime Organization Locations: Seoul, Pyongyang, South Korea, North Korea, Korean, Japan, China, Korea, Washington, United States, Russia, Naro, Europe, U.S, Britain, Switzerland, Soviet Union, Soviet, Cholsan County, South Korean, South, Tonghae, North Korea’s, Sohae, Indonesia, Philippines, Okinawa

But the lure for OCI and others of making ammonia with a smaller carbon footprint is a business with potential beyond the farm. is the question, and I think it's a good question," OCI CEO Ahmed El-Hoshy told Reuters, when asked why his company is betting on producing so-called "blue ammonia." But even with U.S. support, blue ammonia economics hinge on further government incentives. If utility premiums don't emerge, OCI plans to use its Texas blue ammonia to make fertilizer in The Netherlands, where the company has under-utilized its plants due to high natural gas prices. OCI's Texas plant, to start production in 2025, will produce 1.1 million metric tons annually.

Persons: Ahmed El, Hoshy, Alexander Derricott, TD Cowen, JERA, Yara, Stephan Werner, Werner, Katrine Petersen, Petersen, Chris Bohn, Oystein Kalleklev, Harald Fotland, Fotland, Rod Nickel, Yuka Obayashi, Anna Driver Organizations: Reuters, OCI, REUTERS, Group, CF Industries, Gulf, CF, Yara, Mitsui, Mitsubishi, Nutrien, Investors, Germany's DWS, International Maritime Organization, Flex LNG, Avance, Victoria Klesty, Thomson Locations: Beaumont , Texas, U.S, Texas, Japan, South Korea, Netherlands, United States, El, OCI's Texas, Gulf Coast, Winnipeg , Manitoba, Oslo, Tokyo, Bengaluru

☆ Global shipping industry climate pledge slammed as a ‘wishy washy’ compromise
▼ + stars: | 2023-07-07 | by ( Laura Paddison | ) edition.cnn.com time to read: +4 min

CNN —The shipping industry has agreed a climate pledge to reduce its planet-heating pollution to net zero “by or around” 2050. That changed on Friday, when the International Maritime Organization, the UN body that regulates global shipping, published a new climate strategy after days of negotiations between the organization’s 175 member states. IMO secretary-general Kitack Lim said in a statement that the new climate strategy provides a “clear direction, a common vision, and ambitious targets.”Industry groups welcomed the deal. John Maggs, the president of the Clean Shipping Coalition criticized the “vague and non-committal language” in the new climate strategy. Countries pledged in the Paris Climate Agreement to limit global warming to well below 2 degrees – and preferably to 1.5 degrees – compared to pre-industrial temperatures.

Persons: Kitack Lim, Simon Bennett, Albon, ” Ralph Regenvanu, John Maggs, Faïg, ”, IMO’s Lim, “ Organizations: CNN, International Maritime Organization, UN, ” Industry, International Chamber of Shipping, Clean Shipping Coalition, Environment Locations: Paris, Marshall, Vanuatu

☆ Countries agree to slash shipping emissions but not enough to stay within warming limits
▼ + stars: | 2023-07-07 | by ( ) www.cnbc.com time to read: +2 min

Countries at the meeting of the United Nations' International Maritime Organization in London signed a deal for shipping emissions to reach net zero "by or around" 2050. Maritime nations agreed Friday to slash emissions from the shipping industry to net zero by about 2050 in a deal that several experts and nations say falls short of what's needed to curb warming to agreed temperature limits. Experts calculate the industry must cut its emissions by 45% by 2030 and reach net zero by 2050 to keep on track with 1.5 C temperature goal. The German government welcomed the agreement, calling it "an important milestone for ensuring that international shipping makes a fair contribution to reaching the temperature goals of the Paris agreement." Transport Ministry spokesman Florian Druckenthaner said Germany had "lobbied massively" for the goal of net zero emissions by 2050.

Persons: General Kitack Lim, Lim, Florian Druckenthaner, Druckenthaner Organizations: United Nations, International Maritime Organization, Maritime, —, Transport, The Associated Press Locations: London, Canada, United States, Paris, Germany

☆ Nations Aim to Zero Out Shipping Emissions by Midcentury
▼ + stars: | 2023-07-06 | by ( Max Bearak | More About Max Bearak | ) www.nytimes.com time to read: +1 min

Negotiators from nearly every country reached a provisional agreement on Thursday to effectively eliminate the shipping industry’s greenhouse gas emissions by as close to 2050 as possible. The breakthrough was made at an annual meeting in London of the International Maritime Organization, the global shipping regulator. The agreement, which will be formally signed on Friday, also sets goals for emissions reductions to be reached by 2030 and 2040. But a strong last-minute push from small island nations and other poorer coastal countries led to commitments from the organization that are in line with limiting global warming to 1.5 degrees Celsius. That is the threshold most climate scientists say the world must avoid crossing to avert the most catastrophic effects of climate change.

Organizations: International Maritime Organization Locations: London

☆ 63 cruise ships owned by Carnival Corporation released more toxic sulfur gasses than all the cars in Europe, study says
▼ + stars: | 2023-07-05 | by ( Hannah Towey | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

63 cruise ships owned by Carnival Corp. emitted more sulfur oxides than all the cars in Europe in 2022. The cruise industry is investing in alternative energy sources such as LNG fuel and shore power. Though the IMO rule slashes the sulfur emissions of individual ships, it has done nothing to limit the increasing number of cruise ships in recent years. Compared to 2019, cruise ships are also spending more time at European ports and consuming more fuel, per the report. As a result, cruise ships overall emitted 9% more sulfur oxides in 2022 than in 2017, according to Transport & Environment.

Persons: MIGUEL MEDINA, Robert Rohde, — Dr, We're Organizations: Carnival Corp, European Federation for Transport, Environment, Carnival Corporation, International Maritime Organization, Transport & Environment, Cruise, Carnival Locations: Europe, Venice, AFP, Berkeley, Paris, New, York

☆ Giant kites could pull ships across the ocean – and slash their carbon emissions
▼ + stars: | 2023-06-30 | by ( Mark Tutton | ) edition.cnn.com time to read: +6 min

CNN —You may have seen kitesurfers in action, harnessing the power of the wind to pull them over the sea. After years of research, they are currently testing the kite on a cargo ship traveling between France and the US. The company has received €2.5 million ($2.7 million) in funding from the EU, and says it already has orders from Airbus and Japanese shipping company “K” Line. He adds that savings will become more pronounced as ships transition to green fuels, which are more expensive than fossil fuels and take up more space, because they are less energy dense. “It’s also a huge enabler for future green fuels,” argues Bernatets.

Persons: Airseas, Vincent Bernatets, “, it’s, Bernatets, Maxime Horlaville, Dr, Richard Pemberton, SkySails, ” Pemberton, Pemberton, It’s, ” Organizations: CNN, Airbus, International Maritime Organization, EU, ”, de Bordeaux, Marine Engineering, University of Plymouth Locations: French, France, Airseas

☆ A shipping emissions showdown stands in the way of one of the biggest climate deals of the decade
▼ + stars: | 2023-06-29 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The IMO is expected to update its current target of halving shipping emissions by 2050, from 2008 levels, but many are concerned about the maritime regulator's appetite to embrace interim targets. There is a lot of outside pressure pushing on the IMO because it is the climate negotiation of the summer. Gregor Fischer | Getty Images News | Getty ImagesIf stringent abatement measures are not implemented, the IMO has warned that shipping emissions could jump by up to 50% by mid-century. The 1.5 degrees Celsius goal is recognized as a crucial global target because beyond this level, so-called tipping points become more likely. Stefan Rousseau - Pa Images | Pa Images | Getty ImagesAsked which delegates were likely to seek to block calls for tougher climate targets, Maggs replied, "I think there are, of course, the usual suspects.

Persons: Aoife O'Leary, Opportunity Green John Maggs, Maggs, Gregor Fischer, General Kitack Lim, " Lim, Stefan Rousseau Organizations: International Maritime Organization, Getty, Environment, Opportunity, Clean Shipping Coalition, CNBC, United, Chamber of Shipping, Associated Press, ICS Locations: London, decarbonize, Paris, Germany, Russia, Saudi Arabia, United Arab Emirates, Argentina, Brazil, India

☆ How to Prevent Another Submersible Tragedy Like OceanGate’s Titan - The New York Times
▼ + stars: | 2023-06-27 | by ( Salvatore Mercogliano | ) www.nytimes.com time to read: +3 min

The Polar Prince, the ship from which the submersible was launched, is of Canadian registry and based out of Canada. Both the United States Senate and the British Board of Trade led investigations into the loss of the ocean liner. The United States has not even ratified the U.N. convention. Meaning that if Titan was launched from a Canadian ship, from a Canadian port, Canada has jurisdiction. At present, it’s unclear which country has jurisdiction in the Titan investigation, as the craft was reportedly built in the United States but launched from a Canadian vessel.

Organizations: Canadian Transportation, U.S . Coast Guard, Marine Board of, U.S . National Transportation Safety, Titanic, United States Senate, British Board of Trade, Titan, United Nations ’ International Maritime Organization, Federal Aviation Administration, United Nations Convention, United, International Maritime Organization Locations: Canada, U.S, United States, Canadian

☆ US Coast Guard investigating cause of Titanic submersible implosion
▼ + stars: | 2023-06-25 | by ( ) www.reuters.com time to read: +1 min

June 25 (Reuters) - The U.S. Coast Guard is investigating the cause of the undersea implosion of a tourist submersible that killed all five people aboard while diving to the century-old wreck of the Titanic, officials said on Sunday. The announcement comes a day after Canada's Transportation Safety Board said it was conducting its own investigation into the implosion of the Titan, which has raised questions about the unregulated nature of such expeditions. The findings will be shared with the International Maritime Organization and other groups "to help improve the safety framework for submersible operations worldwide," Neubauer said. He said the Coast Guard is in touch with the families of the five people killed, and that investigators are "taking all precautions on site if we are to encounter any human remains." Reporting by Jonathan Allen; Editing by Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Jason Neubauer, Neubauer, Jonathan Allen, Lisa Shumaker Organizations: U.S . Coast Guard, Transportation, Board, Coast, The Coast Guard, FBI, International Maritime Organization, Coast Guard, Thomson Locations: Boston

☆ The Titanic disaster led to a rethink of international regulations. Titan may have a similar legacy
▼ + stars: | 2023-06-23 | by ( Brad Lendon | ) edition.cnn.com time to read: +7 min

Such was the belief in the Titanic that safety regulations of the day were not updated to keep pace with the technology. The first version was adopted in 1914, in response to the Titanic disaster,” the International Maritime Organization (IMO) says on its website. Other SOLAS regulations linked back to the Titanic disaster include:Abandon ship drills – The Titanic captain had canceled one the day of the sinking. Lessons from TitanMaritime experts and historians have noted the Titan submersible operated outside of the regulations prompted by the Titanic disaster. The Titan submersible did not need to conform to safety regulations, since it operated in international waters.

Persons: “, SOLAS, Sal Mercogliano, ” Mercogliano, ”, Per Wimmer, ” Wimmer, CNN’s Anderson Cooper, James Cameron, Cooper, ” Cameron, “ We’re Organizations: CNN, Titanic, Convention, OceanGate Expeditions, White Star Line, United States National Archives, of Congress, Board of Trade, Washington, SOLAS Convention, International Maritime Organization, Titan Maritime, Titan, Campbell University, States, Challenger Locations: Southampton, British, ”, North Carolina, “, Britain, Danish

The World Bank and others also said they would start adding clauses to lending terms that allow vulnerable states to suspend debt repayments when natural disaster strikes. Specifically, for the first time, the document acknowledged the potential need for richer countries to provide fresh money to multilateral development institutions like the World Bank. Another first was in the explicit target for multilateral development banks to leverage "at least" $100 billion a year in private sector capital when they lend. All eyes now turn to more traditional events later in the year, including the International Monetary Fund and World Bank annual meetings, a G20 meeting in September and the COP28 climate talks in Dubai. Persaud said his focus would be on making sure the plan to scale up multilateral development bank lending was in place by the time of annual meetings in October, and that pilot work began on reducing the cost of capital for developing countries.

Persons: Macron, Mia Mottley, Avinash Persaud, What's, Persaud, Teresa Anderson, They've, Sonia Dunlop, Simon Jessop, Leigh Thomas, Tommy Reggiori Wilkes, Mark Heinrich Our Organizations: Global, Pact, Reuters, World Bank, International Maritime Organisation, Paris Summit, Climate Justice, ActionAid, International Monetary Fund, Bank, Thomson Locations: Barbados, PARIS, Bridgetown, Zambia, Paris, Dubai

Leaders are set to back a push for multilateral development banks like the World Bank to put more capital at risk to boost lending, according to a draft summit statement seen by Reuters. Citing the war in Ukraine, climate crisis, a fledgling pandemic recovery, widening disparity and declining progress, Banga said it was time the World Bank adopted a new vision. The summit aims to create multifaceted roadmaps that can be used over the next 18-24 months, ranging from debt relief to climate finance. Wealthy nations have yet to come good on climate finance that they promised as part of a past pledge to mobilize $100 billion a year, a key stumbling block at global climate talks. Though binding decisions are not expected, officials involved in the summit's planning said some strong commitments should be made about financing poor countries.

Persons: Ajay Banga, Banga, Mia Mottley, John Irish, Philippa Fletcher Organizations: Glasgow, Summit, New Global Financial, World Bank, United Nations, Bank, Reuters, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, International Maritime Organization, Thomson Locations: Paris, France, PARIS, Africa, Ukraine, Banga, Bridgetown, French

Ranging from debt relief to climate finance, many of the topics on the agenda take up suggestions from a group of developing countries, led by Barbados Prime Minister Mia Mottley, dubbed the 'Bridgetown Initiative'. Though binding decisions are not expected, officials involved in the summit's planning said that some strong commitments should be made about financing poor countries. In particular, there should be an announcement that a $100 billion target has been met that will be made available through the International Monetary Fund for vulnerable countries, officials said. The plan, first agreed two years ago at an African finance summit in Paris, calls on wealthy governments to lend unused special drawing rights to the IMF to, in turn, lend to poor countries. Reporting by Leigh Thomas in Paris and Simon Jessop in London; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

Persons: Emmanuel Macron, Mia Mottley, Avinash Persaud, Persaud, Leigh Thomas, Simon Jessop, Christina Fincher Organizations: World Bank, United Nations, Barbados, Bridgetown Initiative, Bretton, International Monetary Fund, IMF, AAA, Paris Club, International Maritime Organization, Thomson Locations: Bridgetown, Mottley, Paris, Ethiopia, Ghana, Sri Lanka, Zambia, China, London

☆ Shipping tax could yield $100 bln climate windfall
▼ + stars: | 2023-06-12 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

TINOS, June 12 (Reuters Breakingviews) - The shipping industry emits 2.9% of the world's greenhouse gases. Reuters Graphics Reuters GraphicsPOLLUTER PAYSThe shipping industry uses fossil fuels to power its boats. That said, industry leaders such as container giant Maersk (MAERSKb.CO) are moving into green shipping. This potentially large sum is attracting the attention of people outside the shipping industry, especially those focused on climate change. If a country refused to apply an agreed tax, the international shipping industry would effectively be unable to operate from its ports.

Persons: TINOS, Emmanuel Macron’s, Tristan Smith, Marshall, UCL’s Smith, Al Qaeda, Peter Thal Larsen, Thomas Shum Organizations: Reuters, International Maritime Organisation, United Nations, European Union, EU, Reuters Graphics Reuters, University College London, Shipping, Climate Fund, World Bank, International Chamber of Shipping, Marshall, Al, Trade Center, Thomson Locations: Paris, Danish, Marshall

☆ An electric cruise ship with gigantic solar sails is set to launch in 2030
▼ + stars: | 2023-06-07 | by ( Nell Lewis | ) edition.cnn.com time to read: +5 min

CNN —Adventure cruise company Hurtigruten Norway today revealed plans for a zero-emissions electric cruise ship with retractable sails covered in solar panels, which is due to set sail in 2030. The zero-emissions ship's sails will retract so that the ship can pass under bridges, as shown here in a rendering. This has led to a new wave of designs for eco-friendly sailing vessels, from the transatlantic car carrier Oceanbird and various cargo ships with retractable sails, to Oceanco’s Black Pearl superyacht and Chantiers de Atlanique’s cruise ship with folding solid sails. Hurtigruten Norway has long touted sustainable shipping. In 2019, it launched the world’s first hybrid, battery-supported cruise ship and is currently in the process of converting the rest of its expedition fleet to hybrid battery power.

Persons: Hedda Felin, ”, Gerry Larsson, Fedde, Larsson, Pearl superyacht Organizations: CNN, Hurtigruten, International Maritime Organization, UN Locations: Norway, Norwegian, Oslo, Hurtigruten Norway, “

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