The maritime industry, backed by signatory organizations, is committed to achieving net-zero greenhouse gas (GHG) emissions by 2050 in alignment with the International Maritime Organization’s (IMO) 2023 Strategy. Significant work is needed to develop mid-term GHG reduction measures, and the industry aims to provide valuable input to ensure effective, balanced, and realistic regulatory outcomes reported by World Shipping Council.
Key Policy Outcomes for Effective GHG Reduction
The maritime industry emphasizes the need for immediate, measurable GHG reductions while adopting a goal-based, fuel-agnostic approach. Measures should be data-driven and minimize administrative burdens while ensuring compliance. Flexible compliance mechanisms will enable investments where the greatest environmental benefits can be realized.
Supporting Decarbonization Through Investment and Incentives
Access to collected funds to develop new technology, fuels, and measures is crucial for decarbonization efforts. The policy should also provide clear incentives to de-risk investments, support early adopters, and reduce the cost gap between traditional and low-GHG fuels.
Harmonizing Global Measures and Avoiding Double Counting
To ensure efficient GHG reduction, policies should avoid regional or national systems that may lead to double counting or overlap. Instead, measures should be harmonized with IMO regulations, with periodic assessments and phased reviews of fuels and technologies.
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Source: World Shipping Council
