Historic Agreement to Mitigate Greenhouse Gas Emissions from Global Shipping Signed
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Synopsis
Countries have finalized a historic agreement to reduce greenhouse gas emissions from global shipping by implementing mandatory fuel standards and a carbon pricing mechanism. This landmark framework is set for adoption in 2025 and will impact vessels contributing to 85% of the emissions in the sector.
Key Takeaways
- Historic agreement reached to reduce emissions.
- Mandatory fuel standards and carbon pricing introduced.
- Targets vessels over 5,000 gross tonnage.
- IMO Net-Zero Fund for supporting developing nations.
- Framework scheduled for adoption in 2025.
London, April 12 (NationPress) After years of rigorous discussions, countries have finalized a historic agreement aimed at reducing greenhouse gas emissions from the global shipping sector by implementing mandatory fuel standards and launching an industry-wide carbon pricing system.
This framework, sanctioned by the United Nations (UN) International Maritime Organization (IMO) Marine Environment Protection Committee, marks the first instance of combining obligatory emissions limits with greenhouse gas pricing across an entire industry.
Set for formal adoption in October 2025 and execution by 2027, these measures will impact large ocean-going vessels exceeding 5,000 gross tonnage, which contribute to about 85 percent of carbon dioxide emissions from the global shipping fleet.
The framework employs a dual strategy: a global fuel standard that will gradually decrease the annual greenhouse gas intensity of marine fuels, along with a carbon pricing mechanism that mandates high-emitting ships to compensate for their surplus pollution.
A notable aspect of this new framework is the IMO Net-Zero Fund, which will gather revenues from the carbon pricing mechanism to foster innovation, research, infrastructure, and transition initiatives in developing nations.
IMO Secretary-General Arsenio Dominguez commended member states for their collaboration and dedication throughout the negotiations, as reported by Xinhua news agency. "The endorsement of draft amendments to MARPOL Annex VI mandating the IMO net-zero framework signifies another vital step in our united efforts to tackle climate change, modernize shipping, and illustrates that the IMO fulfills its commitments," he stated.
MARPOL Annex VI pertains to the provisions in the International Convention for the Prevention of Pollution from Ships, specifically targeting air pollution. It already includes mandatory energy efficiency mandates for vessels and comprises 108 Parties that account for about 97 percent of the world's merchant shipping fleet by tonnage.
Founded in 1948 and based in London, the IMO is a UN specialized agency tasked with ensuring the safety and security of global shipping and preventing marine and atmospheric pollution caused by ships.
