15 Apr IMO Pressured To Confirm Measures For Energy Transition
The International Maritime Organization (IMO) is being urged by an alliance of global cargo owners to utilise its upcoming Marine Environment Protection Committee (MEPC) meeting to approve “a clear, comprehensive, globally consistent set of measures” that will accelerate the transition to clean energy.
This meeting, due to be held in April, is an opportune time to explore, define and decide some much-needed regulatory clarity regarding greenhouse gas (GHG) fuel intensity regulation, as well as economic measures for taxing carbon emissions to be able to support its roadmap to net-zero.
The IMO in 2023 revised its roadmap for the industry’s transition that set an end goal of net-zero GHG emissions by or around 2050 and includes key checkpoints for the journey: at least a 20% GHG emissions reduction, and striving for 30%, by 2030; and at least a 70% GHG emissions reduction, striving for 80%, by 2040. The checkpoints are compared to a 2008 GHG emissions baseline.
Ideally this upcoming IMO meeting can be leveraged to achieve clarity and consensus over aligning the midterm measures with the trajectories laid out in the GHG strategy.
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