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Climate Change

Decarbonizing shipping will cost '$1.5tn over 20-30 years'

'We need sustainable profitability,' Ocean Network Express chief says

A container ship sails through New York Harbor.    © Reuters

TOKYO -- Shipping companies around the world have seen profits surge during the pandemic as a supply chain crunch boosted freight rates, but much more investment is needed to accelerate the industry's decarbonization, a shipping executive told a forum in Singapore on Thursday.

"$10 or $20 billion worth of profit as an industry is good," said Jeremy Nixon, the global chief executive of Ocean Network Express, a Singapore-based shipping company. "But we have got to make close to $1.5 trillion worth of investment to decarbonize our industry over the next 20-30 years. We need sustainable profitability."

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