The International Chamber of Shipping (ICS) is urging member states at the United Nations International Maritime Organization (IMO) to adopt a clear direction for achieving net-zero carbon emissions by 2050 ahead of an important meeting in July. The ICS has presented proposals to support a global fuel standard that, as a technical measure, will reduce greenhouse gases (GHG) intensity of marine fuels. The initial target set is a 5% reduction in GHG emission by 2030, followed by a deeper tightening of this standard after 2030. The ICS emphasizes the need to engage industry experts to ensure the standard’s practical applicability.
The IMO has already implemented an initial strategy to reduce greenhouse gas emissions from shipping, which was released in 2018 and aims to reduce at least 50% of the industry’s total emissions by 2050 compared to 2008 levels. The ICS is optimistic that governments will set a net-zero target, which would provide marine fuel suppliers and power producers with an indication to move forward. ICS is proposing a “fund and reward” mechanism to ensure fair distribution while enabling developing nations to utilize the generated funds for infrastructure development and incentivizing early adopters.
Tags: decarbonization,ics,IMO,imo 2050
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