IMO REACHES AGREEMENT TO REDUCE EMISSIONS FROM MARITIME SHIPPING
Today, after tense negotiations throughout the week, countries gathered at the Marine Environment Protection Committee (MEPC) of the International Maritime Organisation (IMO) provisionally approved a global climate agreement to reduce emissions from maritime transport.
The basket of measures intends to implement the IMO Net Zero Strategy, which includes intermediate reduction targets for 2030 (at least 20% compared to 2008, “striving to reach 30%”) and 2040 (at least 70%, “striving to reach 80%”), with the aim of reaching net-zero emissions by 2050. Details of the agreement have not yet been officially released, but reports indicate it will include limits on ship greenhouse gas emissions, mandates for cleaner fuels, a phased implementation timeline, and climate compensation for countries most affected by climate change. A pricing mechanism is also expected, collecting penalties from non-compliant ships, with revenues distributed through an international fund.
ShippingWatch reported that a vote took place today to approve the deal, despite the IMO traditional spirit of compromise: the countries that voted in favour include EU Member States, African states, China and Brazil, which have previously been sceptical of global legislation that sets requirements for reductions in the world fleet reduction. Major oil states such as Saudi Arabia, Kuwait and Iran voted against. So did Pakistan, Russia and South Korea, among others. Reuters reported that the United States chose not to attend the London meeting — and urged capitals in a note to “reconsider [their support] for greenhouse gas emission measures.” The same note states that if such measures were adopted, “the U.S. government would consider reciprocal actions to offset the costs imposed on American vessels.”
CLECAT takes note of the agreement reached at the IMO and expects further details in the coming days to assess whether the proposed measures will support the decarbonisation of global shipping in a fair and transparent manner.
Source: ShippingWatch, Reuters