Estimates in 2006 by the International Energy Agency (IEA) and the Stern Review on the Economics of Climate Change provide compelling evidence that shipping is the most efficient and environmentally responsible transport industry, especially given the large volume of goods carried globally by this means. The IEA estimates that the industry’s global share of CO2 emissions is around 10%, compared to 76% from road transport, and 12% from aviation. In addition, the European Community Shipowners’ Association (ECSA) produced a paper earlier this year with the support of the International Chamber of Shipping (ICS), describing the industry as the “backbone of globalization” (Climate Change and Shipping ECSA Position Paper, January 2008). Compared to ECSA’s estimate that shipping carries some 90% of world trade, the corresponding percentage of emissions are impressively low.