The 2023 IMO Strategy on Reduction of GHG Emissions from Ships (the 2023 IMO GHG
Strategy) adopted in July 2023, represents the continuation of work by IMO as the appropriate international body to address greenhouse gas (GHG) emissions from international shipping.
IMO has agreed to keep the 2023 IMO GHG Strategy under review with a view to adoption of a revised IMO GHG Strategy in 2028. The strategy aims to achieve net-zero GHG emissions from international shipping by around 2050 and promote the use of alternative zero and near-zero GHG fuels by 2030. It also includes checkpoints for reducing emissions by 2030 and 2040.
IMO emphasizes the importance of supporting developing countries in this transition. Industry response has been positive, with calls for urgent supply of zero GHG marine fuels and a global levy on ships’ GHG emissions. However, the availability of such fuels is currently limited.
The 2023 GHG Strategy proposes the development of a set of measures designed to reduce GHG emissions known as a “basket of candidate measures.”
The basket should include
- a technical element, specifically a marine fuel standard that regulates the reduction of marine fuel GHG intensity, and
- an economic element, consisting of a pricing mechanism for maritime GHG emissions.
The next steps involve an interim report on the comprehensive impact assessment of the set of candidate mid-term measures, finalization of the basket of measures, and a finalized report on the comprehensive impact assessment to be submitted during MEPC 81 (Spring 2024) and MEPC 82 (Autumn 2024) respectively.
Additionally, the short-term measure will be reviewed and approved at MEPC 83 (Spring 2025) and MEPC 84 (Spring 2026). Finally, adoption of measures will occur at an extraordinary one or two-day MEPC, scheduled six months after MEPC 83 in Autumn 2025, followed by entry into force 16 months later in 2027.
MEPC 86 (Summer 2027) will signal the start of the review of the 2023 IMO GHG Strategy, with MEPC 88 (Autumn 2028) finalizing the review with a view toward the adoption of the 2028 IMO Strategy on the reduction of GHG emissions from ships.
The following file includes the full text of the MEPC 80 draft agreement as provided by MarineLog