Global majors reach historic deal on cutting shipping emissions
After years of intense negotiations, many of the world's largest shipping nations have reached a landmark deal to cut greenhouse gas emissions from global shipping, setting mandatory fuel standards and introducing an industry-wide carbon pricing mechanism.
The framework – agreed during the UN International Maritime Organisation (IMO) Marine Environment Protection Committee – aims for net-zero emissions from the sector by 2050 and will be formally adopted in October before coming into force in 2027.
They will apply to large ocean-going vessels over 5,000 gross tonnage, which collectively account for 85% of carbon dioxide emissions from the marine shipping fleet.
IMO Secretary-General Arsenio Dominguez hailed the breakthrough after a 10-year deadlock, emphasising the collaborative spirit that led to the deal.
"The approval of draft amendments to Marpol Annex VI mandating the IMO net-zero framework represents another significant step in our collective efforts to combat climate change, to modernize shipping and demonstrates that IMO delivers on its commitments," he stated.
Marpol Annex VI refers to provisions in the International Convention for the Prevention of Pollution from Ships, specifically addressing air pollution.
It already includes mandatory energy efficiency requirements for ships and has 108 Parties covering roughly 97% of the world's merchant shipping fleet by tonnage.
The framework introduces a dual approach: a global fuel standard that will progressively lower the annual greenhouse gas fuel intensity of marine fuels, and a greenhouse gas pricing mechanism requiring high-emitting ships to pay for their excess pollution, said experts.
Under the new system, ships that exceed emissions limits will need to acquire remedial units to offset their excess pollution, they stated.
Meanwhile, vessels operating with zero or near-zero emissions will be eligible for financial rewards, creating a market-driven push toward cleaner maritime transport, they added.- TradeArabia News Service
Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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