{"id":118811,"date":"2025-10-13T07:26:08","date_gmt":"2025-10-13T07:26:08","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/118811\/"},"modified":"2025-10-13T07:26:08","modified_gmt":"2025-10-13T07:26:08","slug":"all-eyes-on-london-as-maritime-industry-readies-to-adopt-first-global-carbon-pricing-scheme","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/118811\/","title":{"rendered":"All eyes on London as maritime industry readies to adopt first global carbon pricing scheme"},"content":{"rendered":"

Despite being far from perfect, the world\u2019s first global carbon pricing scheme on any international polluter\u2014global shipping\u2014 is expected to be adopted next week.<\/strong><\/p>\n

\"\"Courtesy of IMO<\/p>\n

Countries will meet on October 14-17 for the Extraordinary Session of the Marine Environment Protection Committee (MEPC E.2) to formally adopt the International Maritime Organization\u2019s (IMO) Net Zero Framework (NZF), designed to help achieve the IMO\u2019s climate targets<\/strong> set out in the 2023 Revised Strategy<\/a>.<\/p>\n

The planned adoption of the legally-binding regulation will be followed by a round of technical negotiations (ISWG-GHG-20) on key details on design and implementation of this flagship climate regulation, on October 20-24. <\/p>\n

Sealing the deal next week on the IMO NZF, agreed in a vote back in April, would be the biggest victory for climate diplomacy in recent years<\/strong>. It would also send an important signal ahead of the COP in Bel\u00e9m that multilateralism can deliver climate action. <\/p>\n

Back in April 2025, the IMO agreed on the NZF in a vote at MEPC 83, with a clear majority of countries (63) voting in favor, including China, Brazil, the EU27, South Korea and India, versus a minority opposition (16) led by the Saudis, the UAE and Russia. 25 countries abstained, including Pacific Island states who chose to abstain as a protest against the decision-making process and the weak level of ambition in the agreed framework.<\/p>\n

Key supporters are expected to include: most of the BRICS, the EU27, Canada, the UK, South Korea, Japan, Singapore, Panama, and Chile. <\/p>\n

The shipping industry supports adoption through the World Shipping Council (WSC), with over 180 global shipping companies stating the NZF is necessary to provide a global regulatory certainty that \u201callows the industry to do its job.\u201d <\/p>\n

A minority of petrostates led by Saudi Arabia and the US have been trying to undermine the agreement since April. Pacific Island states abstained during the April vote as a protest against the process. <\/p>\n

Critical policy details in the NZF still remain to be finalized between the adoption and 2027 when it enters into force, including the definition and rewards for zero-emission energy and technologies and how the revenues, worth up to $15 billion\/year from 2030<\/strong>, will be spent. <\/p>\n

\u201cWhile larger, wealthier nations debate the threat to livelihoods, Pacific Island nations are forced to consider the threat to lives and to statehood itself. That is the scale of what is at stake. We are here [at the IMO] to lead high ambition, as we always have. Our abstention at MEPC 83 was a signal: Tuvalu will not rubber-stamp weak outcomes. At this Extraordinary Session, we call on every delegation to set a course toward a just and equitable transition. This is about more than shipping. It is about survival. The IMO must find the courage to deliver this time,\u201d Simon Kofe<\/strong>, Minister of Justice, Communication and Foreign Affairs, Tuvalu, stressed.<\/p>\n

\u201cThe successful adoption of the IMO Net-Zero Framework is essential as a baseline for the international shipping industry to achieve the emissions reductions that are so desperately needed. But that is only the start \u2013 not the end \u2013 of states\u2019 abilities to push for the ambition demanded by climate vulnerable countries. Negotiations around the definition of zero, or near-zero fuels and the distribution of revenues will cement this agreement as one that prioritises justice and equity in the maritime transition,\u201d Emma Fenton<\/strong>, Senior Diplomacy Director at Opportunity Green, said.<\/p>\n

\u201cThe Net Zero Fund established under the IMO Net Zero Framework offers a crucial opportunity to make the maritime transition more equitable. For Africa, where fleets are limited and ageing, and where access to traditional ship finance has been scarce, fair access to this Fund could enable the renewal of vessels and support the continent\u2019s ambitions under the African Continental Free Trade Area. To ensure a truly just and inclusive transition, it\u2019s essential that the Fund\u2019s design includes dedicated financing windows for developing economies,\u201d Maria Ogbugo<\/strong>, Maritime Consultant at the Africa Policy Research Institute, commented.<\/p>\n

\u201cThe IMO\u2019s Net-Zero Framework is far from perfect<\/strong> \u2013 lacking ambition, proper safeguards against the uptake on unsustainable fuels, and failing to provide the levels of guaranteed finance needed for a just and equitable shipping energy transition \u2013 but it is a vital step forward. During this meeting, IMO Member States must not only adopt the Net-Zero Framework but agree on a realistic and robust plan for fixing the framework\u2019s failings and putting shipping on a truly sustainable path to zero-emission shipping,\u201d Delaine McCullough<\/strong>, President of the Clean Shipping Coalition (CSC), highlighted.<\/p>\n

\u201cThe clarity that will be given with the adoption of the Net Zero Framework should not be underestimated. This key policy signal and associated guidelines have the potential to unlock billions of dollars of investment in the production of scalable zero emission fuels early on. Only with the adoption as soon as possible does the IMO have a chance to meet its objectives from the Revised GHG strategy for zero- or near-zero emission fuels making up 5% to 10% of shipping fuel by 2030,\u201d Nishatabbas Rehmatulla<\/strong>, Principal Research Fellow at the UCL Energy Institute, Shipping & Oceans Research Group, explained.<\/p>\n

\u201cAhead of the IMO Net-Zero Framework vote, the facts are undeniable: LNG is not a viable solution for shipping<\/strong>. Methane \u2014 a highly potent greenhouse gas, 82 times that of CO2 \u2014 from LNG-fueled ships grew by 180% between 2016 and 2023, directly contradicting industry rhetoric. LNG is fundamentally incompatible with shipping\u2019s decarbonization goals. Regardless of its origin (fossil, bio-, or e-LNG), methane leaks across the entire fuel lifecycle. LNG must be excluded from the Net-Zero Framework, or the IMO risks enabling a false solution and undermining its climate credibility,\u201d Elissama Menezes<\/strong>, Director at Equal Routes, said.<\/p>\n

\u201cMember states have never waited for permission to lead. Regardless of the United States\u2019 stance, member states must hold firm and get the Net-Zero Framework over the finish line in October. The International Maritime Organization\u2019s April agreement is a win for our climate, health and oceans, marking the first time the shipping industry agreed to a global carbon price. Now, they must see it through\u2014not only for the planet we share, but to honor the family legacy we owe to future generations: a legacy of health, security, and prosperity.We applaud this decisive step toward a just, zero-emissions future in shipping,\u201d Davina Hurt<\/strong>, Climate Policy Director with Pacific Environment, stated. <\/p>\n

Global shipping industry strongly supports IMO NZF<\/strong><\/p>\n

International maritime associations and organizations have reiterated their \u201cstrong support\u201d for the adoption by the world\u2019s governments of IMO NZF. <\/p>\n

The global industry said it remains fully committed to working collaboratively with IMO Member States to implement successfully \u201cthis carefully balanced\u201d regulatory package for achieving net zero GHG emissions by or close to 2050, with necessary incentives to de-risk investment in new green marine fuels<\/strong> to accelerate the total decarbonization<\/strong> of international shipping and to implement a just transition for the maritime workforce. <\/p>\n

\u201cOnly global rules will decarbonise a global industry<\/strong>. Without the Framework, shipping would risk a growing patchwork of unilateral regulations, increasing costs without effectively contributing to decarbonisation. With the support of the industry, this is a unique and historic opportunity for governments to put in place a comprehensive global framework, which will be strictly enforced worldwide, to incentivise the shipping industry\u2019s transition to net zero emissions whilst ensuring a level playing field,\u201d WSC, International Chamber of Shipping (ICS), Asian Shipowners\u2019 Association (ASA), the International Association of Ports and Harbors (IAPH), the International Bunker Industry Association (IBIA), the International Transport Workers\u2019 Federation (ITF), and the European Community Shipowners\u2019 Associations (ECSA) emphasized in a joint statement. <\/p>\n

The maritime transport sector, which moves 90% of global trade, is ready to play its important part in delivering a sustainable future.<\/p>\n","protected":false},"excerpt":{"rendered":"Despite being far from perfect, the world\u2019s first global carbon pricing scheme on any international polluter\u2014global shipping\u2014 is…\n","protected":false},"author":2,"featured_media":118812,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[269],"tags":[72628,37905,20443,18,15406,440,19,72629,17,56087,72630,133,41447],"class_list":{"0":"post-118811","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-environment","8":"tag-alternative-fuels","9":"tag-carbon-pricing","10":"tag-decarbonization","11":"tag-eire","12":"tag-energy-transition","13":"tag-environment","14":"tag-ie","15":"tag-imo","16":"tag-ireland","17":"tag-maritime","18":"tag-net-zero-framework","19":"tag-science","20":"tag-shipping"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/118811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=118811"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/118811\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/118812"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=118811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=118811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=118811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}