will shape future Regulation
The environmental regulations already in the process of implementation and those still under development represent a radical shift towards lowering and ultimately removing carbon emissions from the industry.
And unlike some previous regulations that set a baseline and remain in place, the IMO’s carbon reduction targets will see restrictions tighten as the years progress, while new regional rules will bring shipping into the European carbon market for the first time.
At the same time, the process of reducing SOx emissions that began in Europe and spread to the United States will be further extended, if a new emissions control area for the Mediterranean Sea is adopted.
IMO GHG strategy
Arguably the most important global regulatory development shipowners need to have in mind while considering future strategy is the IMO GHG initial strategy, adopted by Resolution MEPC.304(72) on 13 April 2018.
The ambitions of member states to reduce carbon emissions further and faster than originally envisioned saw the initiation of a revision process by MEPC 77 in 2021.
Influential IMO member states have proposed that IMO should adopt an ambition of zero emissions for the international shipping sector by 2050, together with strengthening the level of ambition for 2030 and to introduce an additional level of ambition in 2040 to ascertain that
in the coming decade shipowner strategy
By Stamatis Fradelos, Vice President,
Regulatory Affairs, ABS
Regulation is a constant presence in the global shipping industry, but regulation will have an arguably greater impact in the coming decade than at any time since the inception of MARPOL or the introduction of the first sulfur Emission Control Areas.
the full transition to zero-emission shipping is realized in 2050.
The discussion on the revision of the strategy will continue at the upcoming MEPC meetings with the aim of a finalized and adopted text at MEPC80 in summer 2023. If IMO adopts a stricter strategy, maritime decarbonization efforts will need to be promptly aligned with the revised strategy.
The IMO’s ‘mid-term measures’ which are expected to be finalized by 2025/26, include the International Maritime Research and Development Board (IMRB) supported by flag administrations and most of the shipowners’ associations.
Funded by a mandatory payment $0.624 per tonne of CO2 emissions corresponding to about $2.00
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