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Indiana House Bill 1008: How To Lose $6.7 Billion In Pension Investments In 10 Years

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Indiana House Bill 1008: How To Lose $6.7 Billion In Pension Investments In 10 Years


Indiana. The Hoosier State. Inspiration for the “Hoosier Seashore Boogie” line dance. House of Larry Hen. The Hick from French Lick. Hen received three NBA championships (in 1981, 1984, and 1986) with the Boston Celtics and received two NBA Finals MVP Awards. Hen received three consecutive common season MVP awards. As of 2020, the one different gamers to perform this feat are Invoice Russell and Wilt Chamberlain. Simply that is sufficient to make this lifelong Celtics fan positively predisposed to this distinguished Crimson state of 6.8 million individuals.

There’s extra to be proud about. Indiana has made some main choices over the previous 90 years:

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· In 1933 it adopted the Northern cardinal (Cardinalis cardinalis) as its state chook

· In 1952 it adopted the Peony (Paeonia) as its state flower

· In 2018 it adopted Say’s firefly (Pyractomena angulate) as its state insect

· In 2022 it adopted the Mastodon (Mammut americanum) as its state fossil

All wonderful selections apart from the fossil the place there’s a higher one, however I’ll get to that later.

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First, I need to acknowledge the courageous and daring determination made in January of this yr by passing the 12-page Home Invoice No. 1008 (HB 1008), efficient July 1, 2023, whose intriguingly imprecise and innocuous brief description is “Pension investments.” Credit score for this nuanced rhetoric in all probability goes to the invoice’s primary creator, Rep. Ethan Manning (R-District 23). In distinction, take into account HB 1503 “Regulation of sexually oriented companies” sponsored by Rep. Manning’s co-author Rep. Mike Speedy (R-District 90) and HB 1263 “Medical marijuana” sponsored by his different co-author, Rep. Shane Lindauer (R-District 63). Now these are invoice names that leap out and seize your consideration!

However sufficient of the tease on why I’m so enthusiastic about “Pension investments.” By now I hope you share my enthusiasm for the Hoosier state and need to study extra about HB 1008. For these of you who haven’t heard of it, this invoice is one more valiant Crimson state effort to slay that nefarious, pesky, and hard-to-kill ESG Dragon. So arduous to kill it might be the Alien .

You received’t get the boldness of this invoice from the Synopsis. It’s only a bunch of anodyne legislative language. Prefer it says “Supplies {that a} fiduciary, in making and supervising investments of a reserve fund of the general public pension system, shall discharge the fiduciary’s duties solely within the monetary curiosity of the contributors and beneficiaries of the general public pension system.” Ummm, that’s what all these fiduciaries are already doing as we speak however why let this reality get in the way in which of an thrilling new invoice 🐥?!

The center and soul of it’s Chapter 15 “Fiduciary Duties.” Sec. 4 (a) clearly states that “’monetary’ means a prudent willpower by a fiduciary to have a fabric impact on the monetary threat or the monetary return of an funding.” (Duh, that’s what materials ESG threat elements is all about.) It’s immediately adopted by Sec. (b) which sternly proclaims that “The time period doesn’t embody an motion taken or an element thought-about by a fiduciary with a objective to additional social, political, or ideological pursuits as set forth in Part 9 of this chapter.” I couldn’t discover a definition of social, political, or ideological and the way these are completely different from one another. Nor did I discover a single reference to “ESG.” Reps. Manning, Speedy, and Lindauer are clearly making an attempt to interrupt now acronymic floor with social, political, and ideological (SPI). Good to see this verbal creativity coming into the now tiresome, however seemingly by no means ending, ESG debate.

I can’t let you know how happy I used to be to study this invoice! Positive, Texas handed its Part 809 Boycott provision however, as I’ve proven, it’s stuffed with loopholes and constructed on a logic of quicksand. Thus I used to be VERY enthusiastic once I learn in regards to the mannequin laws for Crimson states being developed by the American Legislative Alternate Council (“America’s largest nonpartisan group of state legislators devoted to the ideas of restricted authorities, free markets and federalism.), led by CEO Lisa B. Nelson, for an “Get rid of Political Boycotts Act.” A Grasp Class in doublethink to intrude with America’s free markets. Sadly, ALEC’s board of 23 Republicans rejected this proposal in January of 2023 and the web page exhibiting a draft of the invoice and explaining this act now not exists.

It is nonetheless winter right here in New England, and I’ve a chilly 🤧 so I’m not getting out a lot today. This all leaves me feeling just a little down within the dumps. Then alongside comes this invoice to pep me up, particularly as a result of it goes a lot additional than the persistent inane argument by some Republicans that ESG is a sinister wraith attacking America and never merely taking account of fabric threat elements that matter to worth creation. Like my Republican buddy Dan Crowley and I’ve defined in “Turning Down the Warmth within the ESG Debate: Separating Materials Threat Disclosures from Salient Political Points” and “Rescuing ESG from the Tradition Wars.” And can maintain explaining to anybody prepared to pay attention.

HB 1008 actually ups the sport right here. It’s breathtaking in its scope of inserting SPI views with the ostensible goal of preserving the chimera of SPI views out of funding choices. Listed below are just a few nuggets from Sec. 9 which lays out examples of how a fiduciary could be seen as furthering “social, political, or ideological pursuits…via portfolio firm engagement, board or shareholder votes” by doing “any of the next past the relevant federal or state legislation”:

“(1) Eliminating, lowering, offsetting, or disclosing greenhouse gasoline emissions.”

If an organization is doing this, within the Divine Knowledge of those esteemed Hoosiers how do they know if it’s because the corporate desires to do it for its personal financial profit or is being “pressured” by a shareholder to do it? As I’ve famous, all the prime 10 holdings in Attempt Asset Administration’s “Attempt U.S. Vitality ETF” (DRLL) acknowledge that local weather change is actual, talk about net-zero targets and report on progress in assembly their emissions discount targets, and align their local weather disclosures with the framework developed by the Job Pressure on Local weather-related Monetary Reporting (TCFD). This consists of ExxonMobil, Chevron, and ConocoPhillips. Do these Hoosiers actually assume such wealthy and large oil corporations are being pushed round by the SPI pursuits of asset managers? Who, by the way in which, can’t do that due to their fiduciary obligation to their purchasers to maximise risk-adjusted returns.

“(2) Instituting or assessing

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(A) company board;

(B) employment;

(C) composition; or

(E) disclosure

Standards that incorporate traits protected underneath IC 22-9.”

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Gosh, that is fairly broad. To be sincere, I’m actually undecided what that is about. Looks like a catch all phrase that would cowl most something. Underneath His eye. Can’t consider the standard of the board? Can’t assess the corporate’s human capital technique? Beats me on “composition.” Possibly assessing the grammar within the firm’s 10-Ok? Can’t ask the corporate for data that’s related to investing determination? Oh, and I seemed up IC 22. Sec. 9 is titled “Civil Rights.” Gotta inform ya I discover it a bit arduous to imagine that individuals ostensibly being pushed by a SPI agenda need to violate anybody’s civil rights. Greatest as I can keep in mind, it was pernicious progressives that pushed the civil rights agenda, not the Alt-Proper.

“(3) Divesting from, limiting funding in, or limiting the actions or investments of an organization that does any of the next:

(A) Fails to satisfy or doesn’t decide to environmental requirements or disclosures.

Once more, how do these Hoosier Oracles know why an investor is limiting its investments in corporations like this? Might be they’re only a unhealthy inventory. Or that failure to do that means operational and reputational threat that can come again to chunk shareholder returns. Blessed be the fruit.

(B) Engages in, amenities, or helps the manufacture, import, distribution, advertising and marketing or promoting, sale, or lawful use of firearms, ammunition, or part elements and equipment of firearms or ammunition.”

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This is a bit more simple. It’s the traditional and extra simple exclusion factor however extra on this beneath.

“(C) Contracts with america Immigration and Customs Enforcement for the availability of federal immigration detention facilities or help companies associated to the implementation of federal immigration and border safety legal guidelines, laws, and insurance policies.”

That is so bat 🦇 guano loopy I don’t even know what to make of it. Like I don’t see how an asset supervisor would ever “contract” to do that. They’re traders, not detention middle contractors. However let’s say they’re doing this in some way. The state of Indiana thinks it could actually maintain itself above federal legal guidelines and assault individuals and establishments which can be upholding them? Reward be.

“(D) Engages within the exploration, manufacturing, utilization, transportation, sale, or manufacturing of fossil gasoline based mostly power, timber, mining, agriculture, and meals animal manufacturing.”

That is the standard blah, blah, blah from Texas Part 809 and ALEC. All these asset managers being accused of “boycotting” truly maintain substantial positions in these sorts of shares. To the consternation of the left. And we’ve the identical drawback as with (A). How do state officers who will not be traders know the explanations for an asset supervisor’s funding determination?

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This legislation applies to any asset supervisor working for the Indiana public retirement system. If Indiana pension property are commingled in a fund the place the asset supervisor is seen as misbehaving, they’re in BIG TROUBLE and may go on the POTENTIAL EXCLUDED PERSONS LIST!! Stretching it additional, maybe an asset supervisor doing any of these items for one other consumer in a separate fund who desires this can be in large hassle as effectively. Say an asset supervisor is managing a separate fund for a church group that doesn’t need to put money into weapons. Is that this a violation of HB 1008?

The massive hassle is that the state treasurer can create all types of distress for the asset supervisor by asking for all types of knowledge and beating them up in varied methods. Just like the state treasurer may give official discover and the individual has 90 days to show they haven’t been a nasty boy or unhealthy lady. In any other case, they are often excluded!

However right here’s the intelligent little bit of this laws the place it has actual chunk, extra so than the lame Part 809 and the now lifeless ALEC mannequin invoice. If the individual or entity is discovered responsible, “the treasurer of state shall make accessible to the general public the identify of the individual or particular fund provided by the individual.” So even asking for disclosure is a non-no on this invoice, it’s completely nice for Indiana to publicly identify and disgrace anybody who irks their ire. Former Vice President Mike Pence has likened ESG scores to the social credit score scores issued by the Chinese language Communist Get together. Chinese language President Xi Jinping ain’t obtained nuthin’ on Indiana state treasurer Daniel Elliott! Might the Lord open.

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And now to the financial punch line. An evaluation by Indiana’s “Legislative Providers Company: Workplace of Fiscal and Administration Evaluation” notes that:

“Primarily based on an estimate by the Indiana Public Retirement System (INPRS), the invoice may end in decreased aggregated funding returns for outlined profit and outlined contribution funds managed by INPRS by $6.7 B over the subsequent 10 years ($6.4 B for outlined profit funds, $0.3 B for outlined contribution funds). Such a lower would scale back the estimated annual return on funding for outlined profit pensions managed by INPRS from 6.25% to five.05%. This could seemingly end in elevated expenditures for state employers for pension contributions.”

And that is on a pension fund that at present has $43.7 billion in AUM. Run the numbers. $6.7 billion/$43.7 billion=15.3 p.c. Very spectacular 🤓!

It’s now time to throw some main respect to those distinguished legislators. Positive, there are the inexperienced investing wokey varieties who is perhaps prepared to surrender a little bit of return to make the world a greater place. However that is small beer in comparison with being prepared to soak up a $6.7 billion greenback hit over a decade in service of Indiana’s SPI pursuits. That is actual dedication. The sort of dedication that might get individuals thrown into the hoosegow in the event that they lived in a Blue state.

Phrases alone can’t categorical my perplexed admiration for this legislative piece of legerdemain. An personal objective if there ever was one. One thing Larry Hen by no means did.

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Recognition of the staggering sheer stupidity of HB 1008 deserves one thing richly and symbolically evocative. In order an out-of-stater I’d wish to humbly recommend that Indiana undertake a brand new state fossil, the Ethan (Ethanius manniningium). What honor might be extra becoming for a person poised to take $6.7 billion {dollars} out of the mouths of unsuspecting Hoosiers?



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Flash flood warning for Indiana County Thursday night

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Flash flood warning for Indiana County Thursday night


On Thursday at 9:01 p.m. a flash flood warning was issued by the National Weather Service in effect until 10:30 p.m. for Indiana County.

“At 9:01 p.m., Doppler radar indicated thunderstorms producing heavy rain across the warned area. Between 1 and 1.5 inches of rain have fallen. Additional rainfall amounts of 1 to 2 inches are possible in the warned area. Flash flooding is ongoing or expected to begin shortly,” explains the weather service. “Flash flooding of small creeks and streams, urban areas, highways, streets and underpasses as well as other poor drainage and low-lying areas.”

Locations impacted by the warning include Indiana, Clymer, Chevy Chase Heights, Lucerne Mines, Brush Vly and Yellow Creek State Park.

According to the weather service, “Turn around, don’t drown when encountering flooded roads. Most flood deaths occur in vehicles. Be aware of your surroundings and do not drive on flooded roads. In hilly terrain there are hundreds of low water crossings which are potentially dangerous in heavy rain. Do not attempt to cross flooded roads. Find an alternate route.”

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Deciphering advisories, watches, and warnings: Understanding weather alerts

  • Flash flood warning: Take action!

A flash flood warning is issued when a flash flood is imminent or occurring. If you are in a flood-prone area, move immediately to high ground. A flash flood is a sudden violent flood that can take from minutes to hours to develop. It is even possible to experience a flash flood in areas not immediately receiving rain.

  • Flood warning: Take action!

A flood warning is declared when flooding is on the verge of happening or is already underway.

  • Flood advisory: Be aware:

A flood advisory is released when flooding is not expected to reach a severity level necessitating a warning. Nonetheless, it can still cause considerable inconvenience and, without exercising caution, potentially lead to situations that threaten life and/or property.

  • Flood watch: Be prepared:

A flood watch is issued when conditions are favorable for flooding. It does not mean flooding will occur, but it is possible.

Weather service flood safety guidelines: Weathering the storm

In flood-prone regions or while camping in low-lying areas, understanding and following the weather service flood safety guidelines can be a lifesaver:

Seek higher ground:

If you’re in a flood-prone area, or if you’re camping in a low-lying spot, move to higher ground as a first step.

Adhere to evacuation orders:

When local authorities issue an evacuation order, promptly comply. Before leaving, secure your home by locking it.

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Disconnect utilities and appliances:

If time allows, disconnect your utilities and appliances. This reduces the risk of electrical hazards during flooding.

Steer clear of flooded basements and submerged areas:

Steer clear of basements or rooms where water has submerged electrical outlets or cords. This helps prevent electrical accidents.

Evacuate promptly for safety:

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If you notice sparks or hear buzzing, crackling, snapping, or popping sounds, evacuate without delay. Do not enter water that may carry an electrical charge.

Stay away from floodwaters:

Never attempt to walk through floodwaters, even if they appear shallow. Just 6 inches of fast-moving water can forcefully sweep you off your feet.

Seek higher ground when trapped:

Should you become trapped by moving water, reach the highest point possible and dial 911 to contact emergency services.

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During heavy rainfall, the risk of flooding is heightened, especially in low-lying and flood-prone regions. Always remember never to drive through water on the road, no matter how shallow it appears. According to the weather service, as little as 12 inches of rapidly flowing water can carry away most vehicles. Stay safe by being prepared and informed.

Navigating heavy rain: Essential safety measures for wet roads

Rain can turn roads into hazards. Stay informed and follow these weather service tips to ensure safety during heavy rainfall:

Beware of swollen waterways:

In heavy rain, refrain from parking or walking near culverts or drainage ditches, where swift-moving water can pose a grave danger.

Maintain safe driving distances:

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Adhere to the two-second rule for maintaining a safe following distance behind the vehicle in front of you. In heavy rain, allow an additional two seconds of distance to compensate for reduced traction and braking effectiveness.

Reduce speed and drive cautiously:

On wet roads, reducing your speed is crucial. Ease off the gas pedal gradually and avoid abrupt braking to prevent skidding.

Choose your lane wisely:

Stick to the middle lanes on multi-lane roads to minimize the risk of hydroplaning, as water tends to accumulate in outer lanes.

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Prioritize visibility:

Enhance your visibility in heavy rain by turning on your headlights. Watch out for vehicles in blind spots, as rain-smeared windows can obscure them.

Watch out for slippery roads:

The initial half-hour of rain is when roads are slickest due to a mixture of rain, grime, and oil. Exercise heightened caution during this period.

Keep a safe distance from large vehicles:

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Large trucks and buses can reduce your visibility with tire spray. Avoid tailgating and pass them swiftly and safely.

Mind your windshield wipers:

  • Overloaded wiper blades can hinder visibility. If rain severely impairs your vision, pull over and wait for conditions to improve. Seek refuge at rest areas or sheltered spots.
  • When stopping by the roadside is your only option, position your vehicle as far off the road as possible, ideally beyond guardrails. Keep your headlights on and activate emergency flashers to alert other drivers of your position.

In the face of heavy rain, these precautions can make a significant difference in ensuring your safety on the road. Remember to stay informed about weather conditions and heed guidance from local authorities for a secure journey.

Advance Local Weather Alerts is a service provided by United Robots, which uses machine learning to compile the latest data from the National Weather Service.



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Three All-Star nods point to strong foundation for Indiana Fever – The Next

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Three All-Star nods point to strong foundation for Indiana Fever – The Next


Clark and Boston dominated the fan voting, finishing first and second overall. That put them in the top 10 of the overall voting. The league’s head coaches decided the rest of the roster, and they chose to put Mitchell in the game. Indiana players will occupy a quarter of Team WNBA and an eighth of the players across both Team WNBA and Team USA.


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It’s the first time the Fever have had three All-Stars since 2007, when Tamika Catchings, Tammy Sutton-Brown and Anna DeForge all made the squad. That season, Indiana finished 21-13. Two years later, the Fever reached the WNBA Finals for the first time in franchise history. Catchings and Sutton-Brown were still terrific talents in 2009.

“It’s crazy. It’s awesome to have three All-Stars for the Indiana Fever this year. So proud for them, so proud for them, so proud for our organization,” head coach Christie Sides told reporters on Tuesday night. “These guys deserve it. They’ve been working hard [and] keep getting better. [It] just shows the future and what that looks like for the Indiana Fever.”

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Clark is averaging 16.0 points and 7.1 assists per game this season. Mitchell leads Indiana with 16.6 points per game while Boston adds 13.3, and Boston contributes 8.1 rebounds per game as well. They are all tremendous talents, and the Fever have their strongest base in nearly a decade.


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Indiana won 13 games in both 2019 and 2023 (Boston’s rookie season). In 2019, the team was headlined by an interesting mix of veterans and younger players, including Mitchell, Candice Dupree and Teaira McCowan. But the Fever’s winning percentage dropped in three straight seasons after that 2019 campaign.

That doesn’t project to be the case this time around. The Fever are on pace to win at least 15 games this year, which would be their most since 2016. Fittingly, that was the franchise’s last playoff berth. Indiana hopes to make it again, and having three All-Stars gives the franchise the base to eventually get there.

“I think it’s special,” Boston said. “I think it just goes to show the talent of this team.”

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Indiana Fever guard Kelsey Mitchell (0) shoots during a game against the Connecticut Sun at Mohegan Sun Arena in Uncasville, Conn., on June 10, 2024. (Photo credit: Chris Poss | The Next)

Accolades can be noteworthy and life-changing. Mitchell is now a two-time All-Star, but it was hard for her to be left off the team two years ago. It matters to be named to Team WNBA, for her individually and for the franchise.

“[It’s a] really, really big thing for our franchise,” Mitchell said. She said it also shows what the players aspire to be as individuals: “Any great competitor has an All-Star somewhere down their list.”

Boston was a rookie All-Star last year, and Clark is one this year. That’s rare. Chicago Sky forward Angel Reese was named a 2024 All-Star, too, marking the first time in a decade that two rookies have been All-Stars in the same season, per Across The Timeline.

All three Fever All-Stars know they can get better, too. Indiana is a young group that is still finding its way and only recently started gelling.

Mitchell started the season slowly and was dealing with an ankle injury. In her last 11 games, she is averaging 18.5 points per game while shooting 49.7% from the field and 47.8% from deep. Clark has adapted her game to the WNBA after seeing different and tricky coverages early on. Boston, by her own admission, had a rough start to the season, but she’s averaging 16.6 points and 10.3 rebounds across her last 10 games.

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The New York Liberty have started the season 16-3. They’re the 14th team in WNBA history to start off 16-3 or better. Of the first 13, 11 went on to win the title.

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That trio is ready for more. They have all gotten better as the season has progressed, and now they are All-Stars. Mitchell has proven she belongs with the best of the best after years of steady improvement. Boston and Clark are two of the league’s top young talents.

“It’s fun. It’s cool, obviously, for myself to accomplish this in my rookie year,” Clark said before noting it’s big for the franchise. “Me and [Aliyah], Year 1 and Year 2 … that’s pretty exciting.”

The Indiana Fever still have to build in order to turn a roster with three All-Stars into a contender. Just ask the Atlanta Dream, which had three All-Stars in 2023 but aren’t in form this year. But having young talent provides an excellent base, and as the Fever try to grow into a contender, the 2024 All-Star Game will be a turning point toward their goals.



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Ports of Indiana greenlit for first sea cargo container terminal in Chicago

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Ports of Indiana greenlit for first sea cargo container terminal in Chicago


U.S. Customs and Border Protection (CBP) has approved a proposal from Ports of Indiana-Burns Harbor to establish the first international sea cargo container terminal on Lake Michigan.

This is slated to create the only all-water container route for ocean vessels to serve the greater Chicago metropolitan area via the Great Lakes.

The Burns Harbor terminal is located in northwest Indiana, inside the Greater Chicago Metropolitan Area and within sight of the Chicago skyline. It is part of the 25th largest US port, which handles 25 million tonnes of cargo annually and generates $16.6 billion in annual economic impact.

The Chicago metropolitan area is the third largest in the US with a population of 9.6 million people and is home to the largest intermodal container market in North America. Currently, all containers moving through the Chicago market travel by rail or truck.

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READ: Port of Seattle requires 100 per cent of cruise vessels to use shore power

Ports of Indiana received approval from CBP for a staffed container cargo examination facility at Burns Harbor port. They will be responsible for constructing the facility, expected to be completed in 2025.

The Ports of Indiana Commission recently approved a resolution establishing “The Indiana Container Initiative” formalising the organisation’s commitment to vigorously pursue the development of container shipping facilities at its ports and other locations in Indiana.

Among US Great Lakes ports, Cleveland and Duluth currently handle container vessels, while Monroe, Mich., is also pursuing CBP approval. Adding Burns Harbor to the list of Great Lakes container ports would allow shippers to utilise a network of container terminals which now includes the largest metropolitan area on the Lakes.

READ: Port Houston witnesses 21 per cent growth in May

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In support of this effort, Ports of Indiana has already garnered Memorandums of Understanding (MoU) from potential partners as well as letters of support from other Great Lakes ports and more than 35 government officials, businesses and trade associations.

As facility planning commences, Ports of Indiana officials are seeking potential partners and customers to advance the project and will be engaging in a few select partnerships to formalise the initial development plans, quantify volumes and develop a scalable terminal that is appropriately sized to meet current and future demands.

“This is a critical step in a long process to establish a container terminal at Ports of Indiana-Burns Harbor and a new supply chain for international container shipments,” said Ports of Indiana CEO Jody Peacock.

“Having an all-water container route into the Midwest could create transformational opportunities, but it will take time to develop. Our port has the capabilities to handle containers today, but we won’t be able to schedule regular container shipments until the Customs’ facilities are fully operational, potentially in 2026.”

READ: Port NOLA records significant growth in intermodal rail volumes

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“This new venture comes with major challenges and major opportunities, but our Ports of Indiana team has made this a top priority because we believe it is critical to providing Indiana with a modern port system,” said Ryan McCoy, Port Director at Ports of Indiana-Burns Harbor.

“Great Lakes shipping is limited by a shorter shipping season and the use of smaller vessels, but the potential upside for handling containers is tremendous. Allowing ocean carriers to start serving this market could diversify supply chains, avoid bottlenecks and reduce the overall carbon footprint for shipping to and from the Midwest.”

Last month, the Alabama Port Authority announced its application for a federal grant to launch a major emissions reduction effort at port facilities.



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