IT IS that time of the year again. The United Nations Framework Convention on Climate Change (UNFCCC) and Conference of the Parties (COP 20) got under way in Lima on Monday. And as usual at these conferences, the International Chamber of Shipping (ICS), the global trade association for ship operators, is doing is best to safeguard the interests of the shipping industry.

It is easy to be complacent about this year-end ritual, but there is always a danger that, somewhere in the horse-trading over the big picture, something unwelcome could be imposed on shipping; there are the supporters of a green agenda who see shipping as both dirty and rich, and a ripe target when the hunt is on for sources of cash for the Green Climate Fund (GCF).

Right from the start of the climate change talks years ago, the ICS has consistently argued that any contribution by shipping to the GCF must reflect the sector's modest contribution to total global CO2 emissions. In particular, it is firmly opposed to any suggestion that the shipping industry should collectively pay tens of billions of dollars each year, stressing that the industry is not a cash cow.