Some 47 governments and industry groups are lobbying the International Maritime Organization (IMO) to implement an emissions pricing mechanism for greenhouse gases (GHG) to raise a fund to decarbonize shipping.
The proposal is just one of many to be mulled by the IMO at the February meeting of its GHGs working group.
The market-based measure would aim to reduce the price gap between fossil and zero-emission fuels in a way that is not necessarily supported by the EU’s emissions trading system (ETS) or FuelEU Maritime.
Critics of the European systems say that, while they are perfectly capable of punishing shipowners for non-compliance, they do little to incentivize action by fuel refiners to make such low- and zero-emission fuels available to shipping.
Read more in an article from The Loadstar.