Any new investments in fossil fuels is “moral and economic madness” - Ship It Zero
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The Ship It Zero coalition sent an open letter to shipping companies, including CMA CGM Group, A.P. Moller-Maersk, MSC Mediterranean Shipping Company, Evergreen Marine, and Ocean Network Express. Executive Director Alex Levinson of Pacific Environment and Executive Director Todd Paglia of Stand.earth sent a letter to shipping companies urging the company to order book and invest only zero-emissions technologies and fuels for their future global fleet.
Excerpts from the letter:
“We agree with the words of UN Secretary Guterres: Continued and increased investments by your companies in brand new fossil fuel assets at this critical time in global climate history is indeed moral and economic madness.”
“For these reasons and more, we urge you to only buy and build new ships with 100% zero-emission ship propulsion fuels and technologies from well-to-wake – in addition to taking immediate action to retrofit existing ships in your fleets to reduce their climate and air pollution.”
“This statement holds particularly true for LNG, as the IPCC finds that methane emissions must be reduced by 33% by 2030 in order to have a chance to stay within a 1.5°C emissions pathway. For the shipping and aviation industries specifically, the IPCC report finds that ‘natural gas-based fuels are expected to be inadequate to meet stringent decarbonization goals for these segments (high confidence).’”
“The global shipping industry has and can continue to play a significant role in advancing global technologies and markets that benefit communities around the world. We must have a livable planet in order to continue to realize those benefits.”
“Cargo companies like CMA-CGM, A.P. Moller-Maersk, MSC Mediterranean Shipping Company, Evergreen Marine, and Ocean Network Express have reported record-breaking profits as a result of Covid-related consumer spending and supply chain disruptions over the last two years. It is your duty to invest these resources in reducing fossil fuel use and catalyzing the shift to zero emissions vessels. Any new investment in fossil fuels by your companies at this time is moral and economic madness.”