India has urged the IMO to prioritise a revenue disbursement mechanism to supplement its economic mid-term measures, according to the country’s proposal to the regulator, reports Engine.Online.
Revenue generated
The revenue generated from the IMO’s mid-term economic measures should be allocated towards projects that help developing countries build capacity to meet the IMO’s interim GHG emission targets, the South Asian nation suggested.
The shipping regulator is expected to implement an economic measure, such as a global pricing mechanism for GHG emissions from ships, by 2025, with the measure potentially coming into effect by 2027.
India recommended that 25% of the revenue be allocated to reward ships using low- and zero-emission fuels under a feebate mechanism.
It suggested that 40% of the revenue be equally divided between onboard carbon capture and storage projects and port development initiatives, including seafarer training, shore power supply and green fuel bunkering infrastructure.
Additionally, 20% of the revenue could be allocated to developing countries, least-developed economies and island nations, based on their vulnerability to climate change impacts.
This proposal may be discussed at the IMO’s 82nd Marine Environment Protection Committee (MEPC 82) meeting scheduled later this month.
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Source: Engine.online
