European Shipowners | ECSA welcome the global climate agreement reached today at the United Nations’ International Maritime Organization (IMO).

The critically important package of new greenhouse gas (GHG) emissions reduction regulations – the “IMO net-zero framework” – will help ensure international shipping’s transition to net zero.

“Shipping will be the first sector to have a globally agreed carbon price. It is key that multilateral cooperation at UN level delivers concrete action in times of increasing uncertainty, to achieve the 2050 net zero emissions target.  Even though the agreement is not perfect, it is a good starting point for further work. It is a framework which we can build upon to ensure the necessary investment in the production of clean fuels” said Sotiris Raptis, Secretary General of European Shipowners | ECSA.

Shipping is an international industry which requires meaningful global regulations to decarbonise. Global regulation is essential to ensure a level playing field at international level and to deliver the energy transition of international shipping.

The agreement will have to be formally adopted by IMO in October.