{"id":695,"date":"2024-02-04T10:31:49","date_gmt":"2024-02-04T02:31:49","guid":{"rendered":"http:\/\/www.hajomech.com\/ics-proposes-zero-emission-shipping-fund-to-reach-imo-2050-target\/"},"modified":"2024-02-04T10:31:49","modified_gmt":"2024-02-04T02:31:49","slug":"ics-proposes-zero-emission-shipping-fund-to-reach-imo-2050-target","status":"publish","type":"post","link":"http:\/\/www.hajomech.com\/ics-proposes-zero-emission-shipping-fund-to-reach-imo-2050-target\/","title":{"rendered":"ICS proposes Zero Emission Shipping Fund to reach IMO 2050 target"},"content":{"rendered":"
\n

The International Chamber of Shipping (ICS) has submitted a <\/p>\n

detailed proposal to the International Maritime Organization (IMO) for a Zero <\/p>\n

Emission Shipping Fund (ZESF).<\/strong><\/p>\n

\"ICS<\/p>\n

In acknowledgment of the importance of moving forward with feasible <\/p>\n

solutions to fulfil net zero objectives, shipowners globally have agreed to <\/p>\n

mandatory payments on ships\u2019 greenhouse gas (GHG) emissions that will raise <\/p>\n

billions of dollars annually.<\/p>\n

<\/p>\n

According to ICS, the purpose is to accelerate the transition by the global <\/p>\n

commercial shipping fleet to net zero emissions by 2050 and support the maritime <\/p>\n

GHG reduction efforts of developing countries.<\/p>\n

<\/p>\n

The shipping industry\u2019s updated proposal is co-sponsored by the Bahamas and <\/p>\n

Liberia. The proposal reportedly builds on the \u2018feebate\u2019 concept proposed by the <\/p>\n

Japanese government, as well as backing from EU States at the IMO for a flat <\/p>\n

rate \u2018levy-based\u2019 global contribution system.<\/p>\n

<\/p>\n

Significantly, the amended proposal includes a structure for transparency <\/p>\n

and accountability in how the billions of dollars raised would be spent, <\/p>\n

including funding for developing countries.<\/p>\n

<\/p>\n

ICS revealed that IMO Member States would evaluate the ZESF and the <\/p>\n

\u2018feebate\u2019 mechanism during their next round of GHG negotiations in March.<\/p>\n

<\/p>\n

Governments have already unanimously agreed to create a GHG price mechanism <\/p>\n

for international shipping by 2025.<\/p>\n

<\/p>\n

If governments agree, the ZESF will be authorised next year to help achieve <\/p>\n

net zero GHG emissions from shipping by or around 2050, in accordance with the <\/p>\n

IMO Member States\u2019 ambitious GHG reduction ambitions.<\/p>\n

<\/p>\n

According to the proposal, payments from ships per tonne of CO2e released <\/p>\n

will be utilised to close the considerable cost difference between zero GHG <\/p>\n

fuels and conventional fuel oil, offering financial rewards (feebate) to ships <\/p>\n

for the GHG emissions avoided by using these new marine fuels.<\/p>\n

<\/p>\n

Clarksons Research has reportedly conducted a detailed impact assessment <\/p>\n

for ICS, which demonstrates that a contribution rate that adds a cost ranging <\/p>\n

from $20 to $300 per tonne of fuel oil consumed would have no disproportionately <\/p>\n

negative effects on national economies in terms of delivered cargo prices.<\/p>\n

<\/p>\n

Guy Platten, ICS Secretary General, said: \u201cA global GHG pricing mechanism <\/p>\n

for shipping urgently needs to be agreed on next year, which will de-risk <\/p>\n

investment in zero GHG marine fuels and provide billions of dollars of funds to <\/p>\n

support developing countries.<\/p>\n

<\/p>\n

\u201cThe first IMO target for 2030 is less than six years away. If we don\u2019t <\/p>\n

achieve a take-off point in the production and uptake of zero GHG marine fuels <\/p>\n

by 2030, it\u2019s hard to see how net zero will be achieved by 2050.\u201d<\/p>\n

<\/p>\n

Quite recently, Lloyd\u2019s Register and Green Marine joined forces to offer <\/p>\n

solutions to maritime stakeholders looking to construct, retrofit, and operate <\/p>\n

vessels using methanol-as-fuel technology, with a primary emphasis on <\/p>\n

training.<\/p>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

The International Chamber of Shipping (ICS) has submitted a detailed proposal to the International Maritime Organization (IMO) for a Zero Emission Shipping Fund (ZESF).In acknowledgment of the importance of moving forward with feasible solutions to fulfil net zero objectives, shipowners globally …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"hj_lang":[3],"class_list":["post-695","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/comments?post=695"}],"version-history":[{"count":0,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/posts\/695\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/media?parent=695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/categories?post=695"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/tags?post=695"},{"taxonomy":"hj_lang","embeddable":true,"href":"http:\/\/www.hajomech.com\/wp-json\/wp\/v2\/hj_lang?post=695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}