The recently approved package of new greenhouse gas (GHG) emissions reduction regulations, often referred to as the “IMO net-zero framework,” is indeed a critically important step intended to steer international shipping towards achieving net-zero emissions by or around 2050, reports European Community Shipowners’ Association.
Net Zero Target
Sotiris Raptis, Secretary General of the European Community Shipowners’ Associations (ECSA), stated that “Shipping will be the first sector to have a globally agreed carbon price.” He emphasized the crucial role of multilateral cooperation at the UN level in delivering concrete action amidst increasing uncertainty to achieve the 2050 net-zero emissions target for the shipping industry. While acknowledging that the agreement may not be flawless, Mr. Raptis considers it “a good starting point for further work” and “a framework which we can build upon to ensure the necessary investment in the production of clean fuels.”
ECSA underscores that shipping is an inherently international industry, necessitating meaningful global regulations to facilitate decarbonization. Global regulation is deemed essential to guarantee a level playing field for all international shipping stakeholders and to effectively drive the energy transition of the sector. It is important to note that this agreement will need to be formally adopted by the International Maritime Organization (IMO) in October.
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Source: European Community Shipowners’ Association
