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12° Nicosia,
20 June, 2024
 
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Global maritime alliance implements fees to curb ship emissions

Shipping sector aims for carbon neutrality by 2025

Andreas Karamitas

At the latest meeting of the International Maritime Organization, a coalition of 60 member states made a joint decision to levy fees on greenhouse gas emissions from ships. This move represents another step towards the industry's ambitious target of complete decarbonization by 2025. The decision has been met with applause from the International Chamber of Shipping (ICS), which hailed it as a significant milestone in their collective efforts.

The potential implementation of this decision promises to reshape the global maritime landscape, effectively overriding regional emission reduction strategies such as the inclusion of the sector in the European Union Emissions Trading System (EU ETS).

In their official statement, the ICS expressed satisfaction with the progress made during the intense negotiations, highlighting the support garnered from around 60 member states for a per-ton contribution system towards greenhouse gases. This proposed system, championed by the ICS, aims to bridge the cost disparity and accelerate the adoption of eco-friendly maritime fuels. Additionally, it pledges substantial financial support for emissions reduction initiatives in developing nations.

Furthermore, the ICS acknowledged the reservations of governments regarding the proposed fee structure, assuring them that these concerns will be addressed well before the next round of IMO negotiations in September. This proactive approach will reinforce the regulatory framework aimed at adoption by 2027 at the latest.

The potential ramifications of this decision on the global maritime industry cannot be overstated.

Additionally, the ICS commended other decisions made during the session regarding the implementation of climate management conventions and endorsed the establishment of a working group for carbon dioxide capture and storage on ships.

However, the chamber expressed disappointment at the lack of discussion on necessary amendments to the regulation governing the Carbon Intensity Indicator (CII) assessment system. They emphasized the need for further deliberations to refine the CII system, ensuring it incentivizes responsible behavior and fully aligns with IMO's greenhouse gas goals for 2023.

[This article was translated from its Greek original]

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Cyprus  |  gas  |  economy  |  shipping  |  maritime

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