At this time, that’s the only direction the IMO has provided regarding the emissions-pricing mechanism. ![]() The IMO also commits to implement a greenhouse gas emissions-pricing mechanism – a carbon levy or tax – by 2027, and to develop a goal-based marine fuel standard. What the strategy does is set goals to reduce international shippings’ greenhouse gas emissions by at least 20% by 2030, compared with 2008 levels by at least 70% by 2040 and to reach net-zero emissions around 2050. The new IMO strategy does not explicitly set a new fuel standard, but it seems to indicate that less reliance on cheap, environmentally harmful, heavy-sulfur fuel oil is the best direction, and possibly less use of low-sulfur fuel oil. I spent several years working in the shipping industry and follow it as a researcher and analyst. New European Union rules will also soon go into effect that will significantly raise costs for ships burning highly polluting sulfur fuel oil. But it points the industry toward a cleaner future. The strategy’s language is vague, obscure and almost noncommittal. On July 7, the 175 member countries of the International Maritime Organization, a United Nations agency that regulates global shipping, agreed to a new climate strategy that includes reaching net-zero greenhouse gas emissions “by or around, i.e., close to, 2050.” ![]() ![]() The industry – responsible for about 3% of global greenhouse gas emissions, more than Canada and Ireland combined – has reasons to act and to have some confidence in its multimillion-dollar investments.
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