Trafigura Group said the shipping industry’s regulator needs to act with “lightning speed” to cut carbon emissions from an industry that spews more C02 into the atmosphere each year than France and the U.K. combined.
The commodities trading giant wants the International Maritime Organization to quickly progress what are known as market-based measures — such as a global tax on CO2 — to decarbonize shipping. At talks that concluded last week, the United Nations body approved a “work plan” with a view to developing such rules going forward.
