What are the Problems with Carbon Trading in the Maritime Industry?
In the previous article – how the carbon trading in the maritime industry, we explained how the system works in the maritime industry and how the marine players can benefit from it in the long run. However, as in every system, this one also has a few loop holes, especially because it is new tot the field.
Despite the immense need for implementation of carbon trading system in marine industry, at end of the day there remains a certain gap that needs to be filled.
The enthusiasm in marine world towards this system of saving marine environment is still little constricted mainly because this system is harder to implement in this particular industry, reasons being:
- Though there are systems made, it is harder to calculate carbon emission accurately in marine industry
- Skepticism due to the Inaccurate and inefficient recording and reporting equipment is high among marine players
- Marine industry still relies hugely on carbon based non renewable energy sources. This makes carbon emissions trading system a rather unprofitable method, especially in the present times.
- The governing principles for this system that are currently controlled by both IMO and UNFCCC need to reconciled
- There is still a lot of skepticism associated with the entire carbon credit trading system especially in industries still new and doesn’t have a proper backing and support system.
- Insufficient financial incentives
- Many people are still oblivious to existence and importance of this system
Even though this system is still finding its foothold in maritime industry, the way it works remains extremely compatible with business oriented minds of most commercial enterprises, including marine industry. With enough efforts, soon it can find its own niche in the commercial world and conscious of people.
Read More: IMO Emission Norms Emission Monitoring
References: bairdmaritime, epa, natureassociates, wisegeek, marinas
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