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The world’s largest maritime nations are gathering London on Tuesday to consider adopting rules that would lead the shipping industry to cut emissions from fossil fuels.
If the agreement is approved, it would be the first time a global fee would be imposed on planet-warming greenhouse gas emissions. Most ships today run on heavy fuel oil which releases carbon dioxide and other pollutants when burned.
The nations are meeting at the International Maritime Organization headquarters until Friday. trump The administration has flatly rejected the proposal and threatened to retaliate if nations support it, setting the stage for a fight over the climate accord.
In April, IMO member states agreed on the content of the regulatory framework. The aim is to adopt it in this meeting.
It would be a huge win for climate, public health, the oceans and marine life, said Delaney McCullough at the Ocean Conservancy. “For too long, ships have been running on raw, dirty oil,” he said.
“This agreement provides a lesson to the world that legally binding climate action is possible,” said McCullough, shipping program director for the nonprofit environmental advocacy group.
Shipping emissions have increased to about 3% of the global total over the past decade as trade has grown and ships use huge amounts of fossil fuels to transport goods over long distances.
Know here what it is:
The rules will establish a pricing system for gas emissions
The rule, or “net-zero framework”, sets a marine fuel standard that, over time, reduces the amount of greenhouse gas emissions allowed from shipping fuel use. The rules also establish a pricing system that will impose a fee for each tonne of greenhouse gases emitted by ships above allowable limits, effectively the first global tax on greenhouse gas emissions.
There is a base-level of compliance for the acceptable greenhouse gas intensity of the fuel. There is a more stringent direct compliance target that requires further reductions in greenhouse gas intensity.
If ships run on fuel with lower emissions than required under the direct compliance target, they effectively earn “surplus units”.
vessel To reach the base level of compliance with the highest emissions one would have to purchase those credits from other ships under the pricing system or from the IMO for the equivalent of $380 per ton of carbon dioxide. Additionally, there is a penalty of $100 per ton of carbon dioxide equivalent for reaching direct compliance.
Ships that meet the base target but are not in direct compliance will also have to pay a fine of $100 per tonne.
Ships whose greenhouse gas intensity is below a certain threshold will receive rewards for their performance.
The fees could generate $11 billion to $13 billion in revenue annually. It will go to the IMO Fund to invest in the fuels and technologies needed to transition to green shipping, reward low-emission ships, and support developing countries so they are not left behind by dirty fuel and older ships.
Looking for alternative fuel
The IMO, which regulates international shipping, has set a target for the sector to reach net-zero greenhouse gas emissions by around 2050, and is committed to ensuring that fuels with zero or near-zero emissions are more widely used.
Ships can reduce their emissions by using alternative fuels, running on electricity or using onboard carbon capture technologies. Wind propulsion and other energy efficiency advancements can also help reduce fuel consumption and emissions as part of the energy transition.
Large ships last about 25 years, so the industry will need to make changes and investments now to reach net-zero around 2050.
If adopted, the rules would come into effect in 2027. According to the IMO, large ocean-going ships of more than 5,000 gross tons, which emit 85% of total carbon emissions from international shipping, will have to pay fines for their emissions starting in 2028.
The International Chamber of Shipping, which represents more than 80% of the world’s merchant fleet, is advocating its adoption.
Concern over biofuel produced from food crops
According to modeling by Transport & Environment, a Brussels-based environmental NGO, heavy fuel oil, liquefied natural gas and biodiesel will remain dominant for most of the 2030s and 2040s, unless the IMO encourages greener alternatives.
The way the regulations are designed essentially makes biofuels the cheapest fuel to use for compliance, but biofuels require larger amounts of crops, leading to less profitable food production, which often leads to additional land clearance and deforestation, said Faig Abbasov, T&E’s shipping director.
Abbassov said they are urging the IMO to promote scalable green alternatives, rather than recklessly promote biofuels produced from food crops. As things stand now, the deal before the IMO will not deliver net-zero emissions by 2050, he said.
According to modelling, green ammonia will fetch a price shipowners will like in the late 2040s – well after the transition. NGO It also sees green methanol playing an important role in the long-term transition.
voting at london meeting
The IMO aims to build consensus in decision-making, but it is likely that countries will vote on adopting the rules.
At the April meeting, a vote was called to approve the content of the rules. United States of America Notably absent in April, but plans to attend this meeting.
Teresa Bui at Pacific Environment said she is optimistic “the global momentum is in our favor” and that most countries will support adoption. Bui is the senior climate campaign director for the environmental non-profit, which has consultative, or non-voting, status at the IMO.
If it fails, the decarbonization of shipping will be further delayed.
“It is difficult to know for sure what the exact consequences will be, but a failure this week will almost certainly cause delays, meaning ships will emit far more greenhouse gases than they should, and for longer periods of time, continuing to be a major contributor to the climate crisis,” said John Maggs of the Clean Shipping Coalition, who was at the London meeting.
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