In the 20 years since the year 2000, the global shipping fleet has increased by 250%. This deadly combination means that the global shipping industry acts as a global subsidy of half a trillion dollars a year on the entire oil industry. Rather than embrace this change, the global shipping industry – along with the global aviation industry – shocked the world. This means Panama should be responsible for the 200 million tons of carbon dioxide emitted by ships registered in its jurisdiction. The global shipping industry is not investing enough in non-fossil fuel alternatives and continue to dodge any real accountability.

Source: Forbes September 20, 2020 15:12 UTC