In April 2021, eight of the world’s key shipping organizations, including the Baltic and International Maritime Council, International Association of Dry Cargo Shipowners, Cruise Lines International Association, International Chamber of Shipping and World Shipping Council, called on the International Maritime Organization (IMO) Member States to immediately do what it takes to scrutinize the role of market-based measures (MBMs) in helping the global shipping industry meet much needed decarbonization targets
Ahead of the 76th meeting of the IMO’s Marine Environment Protection Committee (MEPC), these Non-Governmental Organizations (NGOs)s are urging member states to consider measures to eliminate the 2% of all global CO2 that the shipping sector emits. The MBMs proposed would put a price on CO2 emissions. This would provide fiscal motivation towards tightening the price gap between fossil and zero-carbon fuels.
The paper submitted for consideration at the June 2021 meeting encourages IMO Member States to consider the role of MBMs so that measures can be developed and implemented to enable the adoption of zero-carbon technologies and commercially viable zero-carbon vessels. The rub in all of this is that for this strategy to work, there must be real world alternatives, not just bench level technology. Any type of scale up of these technologies would be enabled by a enormous speeding up of IMO coordinated R&D. In November of 2020 the marine industry called on governments to move forward on a proposal for a $5 billion industry-financed research and development program that would help accelerate zero-carbon fuels and technologies. MEPC 76 will be held virtually June 10-17 2021.
The actual submission can be found below: