In the UK, The International Chamber of Shipping reported forty-seven nations, alongside the shipping industry, unveiled a groundbreaking proposal on January 9 in London for pricing greenhouse gas emissions in international shipping. The plan, requiring ships to pay annually based on emissions, aims to fund a multi-billion-dollar IMO GHG Strategy Implementation Fund.
The mechanism, if approved by the International Maritime Organization in April 2025, could launch globally in 2027. Supported by shipping giants like Greece, Japan, and the UK, as well as Small Island Developing States, the proposal intends to bridge the cost gap between green and conventional marine fuels, accelerating adoption of zero/near-zero emission options like ammonia and hydrogen.
International Chamber of Shipping Secretary General Guy Platten called it “the most effective way to incentivize a rapid energy transition in shipping to achieve the agreed IMO goal of net zero emissions by or close to 2050.”
Revenue from the mechanism, estimated at $60-$300 per tonne of CO2 equivalent, will fund green fuel incentives and aid developing countries. Final negotiations will occur at an IMO meeting in February, with a global rollout contingent on member approval. “This proposed joint text has been hard fought,” Platten emphasized, underscoring its urgency and collaborative roots.
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Tags: International Chamber of Shipping
Category: Sustainable Marine Fuels
