After many years of negotiations, the International Chamber of Shipping (ICS) welcomes the agreement at the United Nations’ International Maritime Organization (IMO), the shipping industry’s global regulator, of a critically important package of new greenhouse gas (GHG) emissions reduction regulations – the “IMO net-zero framework” – to help ensure that international shipping will transition to net zero by or close to 2050.

Speaking at the conclusion of the high-stakes IMO meeting (MEPC 83), Guy Platten, Secretary General of the International Chamber of Shipping said: “Today will hopefully be remembered as a historic moment for our industry. If formally adopted, shipping will be the first sector to have a globally agreed carbon price, something which ICS has been advocating for since COP 26 in 2021, when the industry agreed a net zero 2050 target.

“Shipping is now at the forefront of efforts to decarbonise rapidly to address the climate crisis. The world’s governments have now come forward with a comprehensive agreement which, although not perfect in every respect, we very much hope will be formally adopted later this year. On behalf of the industry I would like to thank Member States and the IMO for their exceptional hard work in achieving this agreement in challenging political circumstances.

“Shipowners and energy producers need a workable, transparent, and simple-to-administer regulatory framework that will create the necessary incentives to accelerate the energy transition at the pace required. We are pleased that governments have understood the need to catalyse and support investment in zero emission fuels, and it will be fundamental to the ultimate success of this IMO agreement that it will quickly deliver at the scale required. Shipping is already investing billions in new ships and green technologies to be ready for the new fuels when they arrive. We hope that this agreement will now provide the certainty which energy producers urgently need to de-risk their huge investment decisions.

“We recognise that this may not be the agreement which all sections of the industry would have preferred, and we are concerned that this may not yet go far enough in providing the necessary certainty. But it is a framework which we can build upon. We will be studying the technical detail over the coming weeks, and will continue to support the IMO process so that we have a system that also works in company board rooms as well as the governments’ negotiating rooms.”

The week-long IMO meeting in London also agreed a number of other important environmental protection measures from the effective management of ballast water treatment systems to enhanced ship energy efficiency measures. ICS and its membernational shipowner associations had a team of technical experts at the MEPC 83 meeting, working with Member States to ensure that robust and workable agreements and guidance were put in place for our industry.

Platten added:

“The critical role of the IMO as a global regulator that gets things done cannot be overestimated. Shipping is a truly global industry and we need global regulations. This is the only way to ensure a worldwide level playing field that drives both environmental protection and economic sustainability.”