The investigation by TPI primarily focuses on studying 59 major oil, gas and coal companies. It found that none of these companies was even remotely close to meeting the goals set during the UN-backed Paris Climate Accords, signed in 2016. There was enough trouble with the accords after America had backed out of the agreement in 2017, on the authority of the Trump administration, but with none of these targets being met by the most major offenders, some fear it may be hopeless.

“We’re very happy that some oil and gas companies are seeing these fundamental changes and trying to respond,” said the stewardship director of ESG Investment at Aberdeen Standard Investments, Bill Hartnett, to Reuters. “Some (companies) might have made bigger statements so far than the others and the important thing is the direction of travel. But none of them are making net zero yet.”

The goals set in the Paris Agreements were to keep the global temperatures “well below” 2 degrees Celsius above pre-industrial levels. This was meant to be achieved by enforcing limitations on the amount of carbon emissions released worldwide. The main cause of global warming is known to be the greenhouse emissions released when burning fuel and gas. Now, with the September temperatures, we are seeing the results of the massive failure.

There is still some hope, with many climate activists doing what they can, whilst the International Maritime Organization (IMO) has also laid out its targets: those being to slash the overall greenhouse gas emission levels recorded in 2008 by 50%, by the year 2050. It’s known that 90% of all worldwide trade occurs overseas, thereby making the globalised trade industry a major benefactor to severe carbon emissions and global warming.

The very latest IMO-commissioned study revealed that from 2012 to 2018, carbon emissions from the shipping industry had seen a significant rise. At the moment, it’s thought that the industry is accountable for at least 2.89% of the world’s CO2 presence.

From this point going forward, 17 shipping companies will be made to partake in public disclosures of their chartering activities, and whether or not these activities are in line with the goals of the IMO to reduce emissions.

“People buying voyage freight will start asking the question what emissions were actually tagged to this voyage and that is a question that was really not asked before,” said Jan Dieleman, the president of Cargill’s ocean transportation division. “By creating the transparency, it becomes a topic in chartering decisions.”

By Patryk Krych | © The World Daily 2020