The World Shipping Council (WSC) has highlighted three key suggestions to support progress and ensure that the IMO regulations are effective in driving the transition to alternative fuels and propulsion technologies in the global shipping industry.
“This is the time for open-minded discussions and a shared focus around what is needed for our climate and the sustainability of global supply chains. We have to think practically about what the proposals before the IMO can deliver in actual carbon emission reductions and also how to get to a decision. It is not just about getting to yes, but getting to yes on something that will make a difference for the future of our planet, ” says John Butler , President & CEO of WSC.
The WSC paper MEPC 79/7 examines the main mid-term measures under deliberation, identifies cross-cutting issues relevant to numerous proposals, and proposes three key suggestions for consideration by member nations at IMO ISWG-GHG 13 and MEPC 79.
Current proposals before the IMO address different components of what WSC regards as Six Critical Pathways which need to be considered to decarbonise the industry in line with global climate targets.
The current proposals include a GHG levy or feebate mechanism, a GHG fuel standard, emissions trading, and a funding/reward system tied to a specific benchmark. They all have their strengths, but share a set of challenges that are critical to the overall viability and success of IMO’s GHG Strategy:
To address the above challenges, the following suggestions were offered:
“Our core challenge is to create the regulatory structure to drive development, production, and adoption of low and near-zero GHG fuels and technologies, coupled with the necessary investments in renewable energy production for an equitable transition. Liner shipping is investing in decarbonisation, and we urge IMO member nations to come together with a focus on future generations to ensure the advancements necessary for a timely energy transition,” says Butler.