SHIPPINGInsight ended its three-day conference facing the benefits of innovation, along with the reality of…
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The past few weeks have seen fuel prices going up across the board due to Putin’s war against Ukraine. We also know that food prices will increase, along with other goods. To this I ask: What price freedom? What price democracy?
This past weekend I was honored to be invited to address Duke University’s Blue Economy Summit. This was an event completely organized by the graduate students who had formed Oceans@Duke. My role was to discuss the efforts being undertaken by the maritime industry to mitigate its impact on the environment. I was delighted when the participants from The Aspen Institute and Ocean Conservancy piled on to add their observations about what our industry is doing to lower impacts on society. Seems our efforts to educate the public are having an impact!
While I was in the “green room” (in reality a classroom), I saw the remnants from a class on Corporate Structure. I was struck by its statement about how today’s enterprises are becoming values-driven. Leading the list was Trust. Included were “full responsibility and accountability.”
Our efforts to decarbonize are going to cost more. Beginning next year will be the EU’s Emission Trading Scheme (ETS), and (hopefully) guidance from IMO on their goals. Recent reports from the IFCC and the US’s NOAA have concluded we can expect a sea level rise of 12 inches by 2050. This could result in a cost to shipping of $25 billion.
Shipping is a service industry. Our services are expected to meet our customers’ needs. Increasingly, our customers are values-driven, so we must be as well. This will mean increasing costs—but also opportunities to demonstrate maritime’s commitment to best management practices.
What price Trust? What price responsibility?