04 Dec Global governments move toward net-zero regulations
Government delegates from around the world at the International Maritime Organization (IMO) have progressed closer towards toward global greenhouse gas regulations aimed at cutting the carbon intensity of shipping by 40% by 2023.
A draft legal text which is to serve as the basis for ongoing talks has been developed. This text integrates inputs and proposals from Member States and international organisations on potential amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL, Annex VI), which if adopted, could be incorporated into international law.
These initiatives include technical and financial measures such as the introduction of a global marine fuel standard that will regulate the phased reduction of a marine fuel’s greenhouse gas intensity. In addition, there will also be some kind of greenhouse gas emissions pricing which would potentially raise revenues that could then be distributed in a variety of ways, including but not limited to, using revenue to lower other taxes, promoting renewable energy and energy efficiency, using emission offsets, financing climate and environmental projects, and much more.
Ultimately, the goal is to phase out GHG emissions from shipping by, or about, the year 2050.
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