“This is not what we came for. We came here to finally conclude a crucial climate agreement for international shipping. We from the Danish side have worked tirelessly towards this for a long time, so it’s a big disappointment.”

That is the clear conclusion from Danish Shipping’s CEO, Anne H. Steffensen, following dramatic developments at the UN’s International Maritime Organization (IMO).

This week, member states gathered in London to finally adopt the Net Zero Framework agreement, which was initially reached back in April. The agreement aims to bring international shipping emissions down to net zero by 2050. Until very recently, that deal appeared secure. But after two days of stalled talks in the negotiation room, the IMO has chosen to postpone the vote on the agreement.

“Much has happened in the world since 2023, when the framework for the strategy was adopted. Unfortunately, that means there have been all sorts of other agendas in the negotiation room besides climate. Geopolitical tensions and a new world order have made their way in – also at the IMO,” said Anne H. Steffensen.

The agreement would have had a positive effect on the price gap between fossil fuels and alternative fuels, which are essential for the transition of shipping. Today, alternative fuels are three to four times more expensive than fossil fuels, and production remains at a very low level, particularly in Europe.

“Shipping still urgently needs global regulation and a clear plan for the green transition. That’s necessary to support investments in new green ships and the green fuels we need to sail on. Unfortunately, there wasn’t enough political will in the room to finish the job this week. But where there’s life, there’s hope. The work for shipping’s green transition continues,” said Anne H. Steffensen.