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Resistance is futile
by
Richard Meade
Lloyd's List
June 24, 2008 03:16 PM
WHEN Efthimios Mitropoulos told the IMO’s greenhouse gas working group this week that failure was not an option, it was not just rhetoric.
The green debate is over. It is no longer a question of choice. Whether you believe in global warming or not, how you see your position as a custodian of the environment, your commitment to sustainable business, they are all, frankly, a question of semantics and posturing.
The enforcement of green values in all its myriad forms will come whether you agree with it or not.
The development of more efficient and flexible tonnage is a matter of urgent economic necessity, rather than a soft optional extra to look good on the annual report.
If the IMO fails to address greenhouse gas emissions adequately, others will.
This is the reality. Pitching this as a debate is to miss the point entirely — it is now a question of straight business.
With the cost of bunkers now more than $600 per tonne, the fuel savings offered by new designs can mean a huge difference in daily operating costs as well as the ubiquitous emissions. And if you think that regulators will not seize upon this fact, you are wrong. The speed at which single-hull tankers became obsolete may have worried some, but that was only a taster of things to come in the brave new world of green economics.
Anybody looking at ordering vessels that presumably will be trading for another 30 years and not considering the direction of green regulatory reform and the price of oil should seriously reconsider their chosen career path.
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