- Vincent Clerc, the Chief Executive Officer of A.P. Moller – Maersk, has outlined three imperative factors critical for the maritime industry to achieve its ambitious emission reduction goals, as the industry braces for the Marine Environment Protection Committee (MEPC) 81st session scheduled from March 18 to 22, 2024.
- At the heart of the discussions during this session lies the implementation of the 2023 IMO GHG Strategy, which aims to significantly reduce CO2 emissions and achieve net-zero GHG emissions by 2050.
Closing the Price Gap
Clerc emphasizes the pressing need to address the price disparity between green and fossil fuels. He advocates for the establishment of a financial mechanism aimed at bridging this gap effectively. By incentivizing the adoption of sustainable fuel choices through economic incentives, such as subsidies or carbon pricing mechanisms, the industry can encourage shipowners to transition towards greener alternatives without facing disproportionate financial burdens.
Adopting a Science-based Approach
A cornerstone of Clerc’s imperatives is the adoption of a comprehensive, science-based approach to emission reduction strategies. He underscores the importance of implementing a well-to-wake approach that considers the entire lifecycle of emissions, from production to consumption. By grounding emission reduction efforts in scientific principles, the industry can ensure that initiatives lead to tangible and verifiable reductions in greenhouse gas emissions, rather than simply displacing emissions from one sector to another.
Supporting Developing Countries
In addition to technological and regulatory measures, Clerc emphasizes the importance of ensuring a just transition that supports the participation of developing countries in the maritime industry’s decarbonization efforts. He highlights the potential for targeted investments and funding to empower developing nations to embrace green initiatives and emerge as key players in the global transition towards sustainable shipping practices. By fostering international cooperation and providing support to developing countries, the industry can ensure that the benefits of decarbonization are equitably distributed across the maritime community.
As Maersk, along with other industry leaders, endorses the Green Balance Mechanism proposed by the World Shipping Council, the upcoming MEPC 81 session holds significant promise for advancing crucial discussions on emission reduction strategies and shaping the future of sustainable shipping. In addition to addressing price gaps and adopting science-based approaches, the session will cover a wide range of topics, including energy efficiency, marine litter, and ballast water management, underscoring the multifaceted nature of the industry’s decarbonization efforts.
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Source: Offshore Energy
