IMO’s Climate Control
20 Apr 2018;
During the most recent session of its Marine Environment Protection Committee (MEPC), which took place from April 9th to 13th in London, the International Maritime Organization (IMO) adopted an initial strategy to reduce greenhouse gas (GHG) emissions from international shipping (the “GHG Strategy”). The headline target of the agreement is to reduce the total annual GHG emissions from international shipping by at least 50% by 2050 (32 years from now) compared to 2008. According to the IMO, which is the agency of the United Nations responsible for regulating shipping, “The strategy includes a specific reference to a pathway of CO2 emissions reduction consistent with the Paris Agreement temperature goals. While some member states and lobby groups would have preferred a commitment to even higher reductions, it appears that the IMO has reached a compromise that is ambitious enough to avoid unilateral regulations by member states, like the EU. The impact of the GHG Strategy on the shipping industry (shipowners and shipyards) will be profound. The effect of the introduction of ballast water treatment systems and the reduction in sulphur content of bunker fuels pales in comparison to the impact that the implementation of these rules will have on our industry.
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