Shipping industry faces esg heat from lenders.

Byline: S. Kamal Hayder Kazmi

Banks are demanding much stricter environmental criteria when financing shipping companies as investor pressure grows on the sector to accelerate going greener, according to Boston Consulting Group (BCG). Shipping, which transports about 90 percent of world trade, accounts for nearly 3 percent of the world's CO2 emissions and BCG forecast the industry will need $2.4 trillion to achieve net-zero emissions by 2050. "ESG-driven requests are already prompting more action from banks. Shipping is already feeling it...