logo
#

Latest news with #IMONet-ZeroFund

To Decarbonize Shipping, We Must Move Forward Together
To Decarbonize Shipping, We Must Move Forward Together

Scoop

time2 days ago

  • Business
  • Scoop

To Decarbonize Shipping, We Must Move Forward Together

By IMO Secretary-General Arsenio Dominguez, on the occasion of his first official mission to the Pacific region (3-16 August) since taking up his role As I set foot on Pacific soil for the first time in my role as Secretary-General of the International Maritime Organization (IMO), I do so with deep sense of respect and humility. Pacific Island nations are custodians of more than 30 million square kilometres of vast ocean, with their combined Exclusive Economic Zones equivalent to the total land area of the African continent. The region is uniquely placed as a steward of the ocean's biodiversity and precious ecosystems. In a world marked by environmental decline and geopolitical tensions, the Pacific continues to stand as a voice of courage and principle. While among the most vulnerable to the impacts of climate change, Pacific Island countries have demonstrated, time after time, that they are not merely victims or passive observers, but essential partners who are actively shaping the global response. Their commitment was instrumental in securing the ambitious targets set out in IMO's Revised Strategy to Reduce Greenhouse Gas Emissions from Ships, adopted in 2023. This landmark agreement set a clear course global shipping to reach net-zero emissions by or around 2050, with indicative benchmarks for 2030 and 2040. It is the kind of contribution we will need again to ensure we deliver on our shared targets. This coming October, as part of IMO's GHG Strategy, IMO Member States are expected to formally adopt the newIMO Net-Zero Framework. This set of legally-binding regulations is designed drive down emissions across the international shipping industry, through a mandatory marine fuel standard and global pricing mechanism to ensure compliance. The result: less polluting ships, cleaner air, a healthier ocean and a more climate-resilient future. Revenue from the pricing mechanism will be directed into a new IMO Net-Zero Fund. This Fund will support the energy transition by rewarding low-emission ships, advancing innovation and infrastructure, funding trainings and capacity development, and mitigating any negative impacts on small island states and least developed countries. Reaching this point has not been easy. It required years of negotiation, rigorous technical analysis and ultimately, a willingness to compromise. Yet such agreements are just the starting point for implementation, setting the stage for more ambitious actions to come. The adoption of the IMO Net-Zero Framework is the first port of a much longer voyage, with the horizon of what's possible still stretching out beyond us. So we must keep moving forward and persist even when the waters grow rough. At a time when multilateral cooperation is under strain, every shared step forward is a victory. All Member States are needed at the table as we design the tools, policies and investments to succeed in our bold mission to decarbonize an entire global industry. IMO stands ready to work side by side with Pacific nations to ensure this framework is not only implemented but continually strengthened. This is why we are opening the IMO's Regional Presence Office in Suva, Fiji, to better understand the needs of the region, develop local and regional capacity and ensure constant engagement. Establishing this regional office recognizes that maritime transport has always been at the heart of Pacific Island life, from the region's ancient seafaring traditions to the modern-day global trade routes that support food security, energy needs, tourism and the livelihoods of countless families and communities. It also reflects the Pacific's key role in supporting the international maritime regulatory framework, most notably through the Marshall Islands, one of the world's top three flag States by tonnage. My message to the peoples of the Pacific on my first visit is simply this: IMO is listening, we need you, and we are here to engage. As the maritime sector enters a period of rapid transformation - from digitalization to decarbonization - new challenges will emerge, but also great opportunities. It is crucial that we work together in step to shape a just, sustainable and resilient maritime future for the Pacific and for the world.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store