IMO breaks deadlock on carbon pricing for shipping

Londra - The push to decarbonize the commercial shipping industry has achieved a major breakthrough after countries reached a consensus on carbon pricing of shipping emissions, a development that comes after more than 10 years of stalemate

Londra - The push to decarbonize the commercial shipping industry has achieved a major breakthrough after countries reached a consensus on carbon pricing of shipping emissions, a development that comes after more than 10 years of stalemate. During a meeting of the International Maritime Organization (IMO) Intersessional Working Group (ISWG) last week, countries reached a consensus on pricing shipping greenhouse gases (GHG) emissions “as part of a basket of mid-term measures (MTM).”

A summary of the meeting’s resolution by consultancy firm University Maritime Advisory Services (UMAS) shows that after more than a decade of resistance, countries have finally managed to reach a consensus for pricing emissions, a major development that would put a cost on carbon emissions as part of the market based measures concept.

The meeting’s outcome is a clear and positive step towards setting the maritime industry on the path to achieving the Paris Agreement goals of keeping global temperatures at below 1.5 degrees Celsius and equitable net zero transition: “To many, especially in industry, pricing GHG emission has been the obvious next step for a while. It is not a new concept to IMO, but previous attempts to progress it have failed. It is therefore a huge step forwards that there is now consensus on this,” said Dr Tristan Smith, UMAS Director.

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