IMO AGREES ON A REVISED GHG STRATEGY
After a week of negotiations in IMO’s climate committee, MEPC, the member countries have just adopted a revised climate strategy to reduce GHG emissions from ships up to 2050.
The revised 2023 strategy sets a goal of net zero emissions from ships “by or around, i.e. close to, 2050”. This is a major increase in the level of ambition compared to the existing 2018 strategy, which aimed at reducing emissions from ships by just 50% in the same time horizon. A trajectory has also been agreed with indicative checkpoints set at reducing GHG emissions from ships by at least 20% - striving for 30% - in 2030 and at least 70% - striving for 80% - in 2040, both in comparison to 2008 levels. The strategy also sets a target of at least 5% - striving for 10% - uptake of zero or near-zero GHG emission technologies, fuels and/or energy sources by 2030.
Nevertheless, IMO member countries have not decided on the measures needed to achieve these targets yet. The IMO reached consensus on the need to adopt such measures by 2025 and that they should comprise a standard regulating the gradual reduction of the marine fuels' GHG intensity, and a maritime GHG emissions pricing mechanism.
CLECAT welcomes the agreement reached at IMO, noting the much stronger target set for 2050 compared to the previous strategy, but regrets that the member countries failed to reach consensus on mandatory intermediate targets for 2030 and 2040. It is important that the measures to implement these targets must be adopted quickly to ensure the proper reduction of GHG emissions from ships at global level. It will be essential then to assess and possibly revise existing EU regulations on shipping, such as the inclusion of maritime emissions into the EU ETS and FuelEU Maritime.
Source: IMO, European Commission