Year after year, the environment continues to deteriorate, with practically every attempt to avert the looming catastrophe proving to be as futile as they can possibly be. However, this does not imply that all efforts to manage these changes should be discontinued. The scale of these initiatives, on the other hand, should rise in order to produce any discernible difference. Eleven big banks have made the decision that the influence that the shipping sector has on the environment will affect how much money they may borrow in order to do precisely that. The banks participating think that their efforts will result in a large reduction in CO2 emissions, as well as a slight improvement in the climate.
Global carbon dioxide emissions from shipping account for 2.2 percent of total global carbon dioxide emissions. In accordance with the International Maritime Organization’s 2018 climate commitment, which aims to reduce CO2 emissions by half by 2050 compared to the baseline year of 2008, as well as to reduce individual ship emissions by at least 40% by 2030 compared to the baseline year of 2008, the new guidelines for lending money to shipping industries are most likely to be set forth. As a result of this integration, banks are now better able to make financial decisions in the context of climate change. Experts, on the other hand, feel that this is only the beginning of a long series of financial decisions based on environmental improvement plans that will be made in the near future. Additionally, this will draw attention to the important role that banks play in pollution management and environmental protection.
When it comes to pollution, carbon dioxide is not the only thing to be concerned about; according to reports, over 60% of the land in the United Kingdom has been damaged by ammonia pollution. According to a government analysis, nitrogen and ammonia pollution from farms has had a significant impact on the land, with 60 percent of it being seriously harmed. It also said that 85 percent of the land in the United Kingdom receives ammonia at levels over the legal limit.