October 12, 2021: Day Two of SHIPPINGInsight 2021- Bridging the Decade opened today with a…
Last week saw the release of a joint study done by Harvard University in collaboration with the Universities of Birmingham and Leicester, along with University College of London. In it, they stated that in 2018 more than 8 million people died due to fossil fuel emissions or nearly 20% of all deaths worldwide.
The public is demanding change, but at what price? Estimates range up to 1 Trillion dollars for the shipping industry to meet the goal of 50% reduction in emissions by 2050. As is our practice, this cost will ultimately be born by the consumer—which, as stated by Maersk CEO, would roughly translate to 6 cents per pair of sneakers.
Last week also saw the state of Texas immobilized by cold weather leading to a failure of their power grid system with damage expected to be in the billions, not to mention over 60deaths. The cause of the outage was not spending the money necessary to winterize their electrical sources.
Everything has its price, but what price change? We know we have to move forward to decarbonize; we know we need to invest in technology and training. We know that we are in the crosshairs of society, investors and financial institutions to make the leap.
Isn’t it worth 6 cents?