© Luigi Angelica

International Chamber of Shipping proposal dismissed

IMO rejects decarbonization fund

by Port News Editorial Staff

The International Maritime Organization has rejected a proposal supported by the shipping industry to set up a 5-billion-dollar research fund financed by a two-dollar per – tonne levy  on marine fuel oils, to be used to promote measures to support decarbonization in the shipping industry

In fact, the Marine Environment Protection Committee meeting ended with nothing being done.

According to the International Chamber of Shipping (ICS), one of the proposal’s sponsors, the IMO has missed an opportunity to kick-start a rapid transition to zero-carbon technologies that are  vital in order to fully decarbonize by 2050. Furthermore, according to the ICS, despite the support of many IMO states, the fund proposal had been thwarted by short-sighted political manoeuvres. This  means that the financial risk associated with green investments would remain high, slowing down efforts to move to zero-carbon fuels as soon as possible.

The measure was one of five being discussed at the IMO, which, moreover, will have to review and update the targets agreed in 2018 to reduce the carbon intensity of emissions by 2023. The percentage ranges decided at the time, of 40%  by 2030 and 50% by 2050, will be revised upwards.

Translation by Giles Foster

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