Miller Magazine Issue: 131 November 2020

22 NEWS MILLER / November 2020 A group of the world’s largest energy, agriculture, mining, and commodity trading com- panies will for the first time assess and disclose the climate alignment of their shipping activities. The Sea Cargo Charter – of which Bunge is a founding signatory member - establishes a common baseline to quantitatively assess and disclose whether shipping activities are aligned with adopted climate goals. Bunge becomes signatory of the Sea Cargo Charter The Sea Cargo Charter is consistent with the policies and ambitions adopted by member states of the Inter- national Maritime Organization (IMO), a specialized agency of the United Nations responsible for regulating shipping. This includes its ambition for greenhouse gas emissions from international shipping to peak as soon as possible and to reduce shipping’s total annual green- house gas emissions by at least 50% of 2008 levels by 2050, with a strong emphasis on zero emissions. United Nations agencies estimate the international shipping industry carries around 80% of world trade flows and is responsible for 2-3% of global greenhouse gas emissions annually. Large industrial corporations are significant users of in- ternational shipping services. The shipping of crude oil, coal, iron ore, grain and other bulk commodities used worldwide make up over 80% of global seaborne trade. The Sea Cargo Charter is a global framework that allows for the integration of climate considerations into charte- ring decisions to favor climate-aligned maritime transport. “Bunge is committed to finding ways to reduce our environmental footprint, on both land and sea, and to engage with our value chain peers to find scalable so- lutions for global challenges. We are excited to work with partners in the Sea Cargo Charter to deliver on these commitments and improve our impact on the en- vironment.” Marcio Valentim Moura, Bunge’s Director, Global Logistics. The 17 Founding Signatories of the Sea Cargo Charter include Anglo American, ADM, Bunge, Cargill Ocean Transportation, COFCO International, Dow, Equinor, Gunvor Group, Klaveness Combination Carriers, Lou- is Dreyfus Company, Norden, Occidental, Shell, Tor- vald Klaveness, Total, Trafigura, and Ørsted. All other responsible shippers are invited to join the initiative. “The Sea Cargo Charter enables leaders from diverse industry sectors to use their influence to drive change and promote shipping’s green transition by choosing maritime transport that is aligned with agreed climate targets over that which is not,” says Johannah Chris- tensen, Managing Director, Head of Projects & Prog- rammes at international non-profit, Global Maritime Forum. The Sea Cargo Charter is intended to evolve over time as the IMO adjusts its policies and regulations and when further adverse environmental and social impacts are identified for inclusion. They also aim to support other initiatives developed to address climate, environ- ment, and social risks in shipping, such as the Poseidon Principles. The Sea Cargo Charter is applicable to bulk charterers with interest in the cargo on board; those who simply charter out the vessels they charter in; as well as the disponent owners and all charterers in a charter party chain. They apply globally, to all chartering activities where a vessel or vessels fall under the purview of the IMO. The development of the Sea Cargo Charter has been led by global shippers – Anglo American, Cargill Ocean Transportation, Dow, Norden, Total, Trafigu- ra – and leading industry players – Euronav, Gorrissen Federspiel, Stena Bulk – with expert support provided by the Global Maritime Forum, Smart Freight Centre, University College London Energy Institute/UMAS, and Stephenson Harwood.