{"id":3495620,"date":"2022-05-26T09:19:25","date_gmt":"2022-05-26T08:19:25","guid":{"rendered":"https:\/\/www.globalfactor.com\/more-global-more-factor-strategy-2022-2024-copy\/"},"modified":"2022-05-27T12:24:29","modified_gmt":"2022-05-27T11:24:29","slug":"un-body-makes-breakthrough-on-carbon-price-proposal-for-shipping","status":"publish","type":"post","link":"https:\/\/www.globalfactor.com\/en\/un-body-makes-breakthrough-on-carbon-price-proposal-for-shipping\/","title":{"rendered":"UN body makes \u2018breakthrough\u2019 on carbon price proposal for shipping"},"content":{"rendered":"

At the International Maritime Organization (IMO) last week, countries broke a deadlock on mid-term measures to decarbonise the industry.<\/p>\n

The meeting concluded that there was consensus to price shipping emissions \u201cas part of a basket of mid-term measures,\u201d according to a summary by the University Maritime Advisory Services (UMAS), which is partnered with University College London\u2019s (UCL) Energy Institute. There was general support for adopting a \u201cwell-to-wake\u201d approach and pricing emissions from fuel production to consumption onboard a ship, UMAS said.<\/p>\n

\u201c[Pricing shipping emissions] is not a new concept to the IMO, but previous attempts to progress it have failed. It is therefore a huge step forward that there is now consensus on this,\u201d said Tristan Smith, director of UMAS.<\/p>\n

Market-based, decarbonisation measures on the table include technical ones, like introducing a fuel standard, as well as economical ones, like setting a global carbon tax for the industry. They will be discussed at a meeting of the IMO\u2019s environment committee (MEPC) next month.<\/p>\n

Pricing needs to be complemented with a mandatory measure like a fuel standard, but there is now a much improved potential for strong IMO incentivisation of shipping\u2019s decarbonisation.<\/p>\n

Responsible for nearly 3% of global emissions, ships emit around one billion tonnes of CO2 every year. Without further action, shipping emissions are projected to reach 90-130% of their 2008 levels by 2050.<\/p>\n

Major emerging economies have heavily resisted carbon tax proposals in the past. A proposal put forward by Pacific Island nations for a carbon price of $100 per tonne on bunker fuels previously got tepid support from EU nations and the US.<\/p>\n

But at the working group meeting last week, all EU countries and the US spoke in favour of carbon pricing, with the UK, New Zealand and the Bahamas backing the measure for the first time.<\/p>\n

The price must be high enough to transition to zero-emission fuels quickly, as well as offering a mechanism to support developing countries, O\u2019Leary said. Countries must move to next month\u2019s MEPC with \u201cambition, equity and urgency,\u201d she said.<\/p>\n

\u201cThe IMO meeting last week is a major breakthrough,\u201d said Diane Gilpin, CEO of the Smart Green Shipping Alliance, which develops tech solutions to help the industry decarbonise. \u201cObviously there\u2019s a lot more detail to agree but in our experience ship owners are moving to the shadow of the whip.\u201d<\/p>\n

The Marshall Islands and Solomon Islands have proposed a carbon price of $100 a tonne on bunker fuels, while the world\u2019s biggest container shipping company Maersk has called for a $150\/t levy to encourage the industry to switch to greener fuels.<\/p>\n

But the shipping industry\u2019s trade association has previously supported a levy of just $2 a tonne of fuel to fund research and development of clean shipping technology. That translates to a carbon price of $0.64\/t.<\/p>\n

Progress at the IMO came as the European Parliament approved its Fit For 55 package, which includes incorporating shipping in the bloc\u2019s emissions trading scheme (ETS).<\/p>\n

This means that all ships transporting goods to and from EU, regardless of the flag they fly, will be taxed on their emissions. As of 2024, ships will have to buy carbon allowances to cover all emissions during voyages in the EU and half of those generated by international voyages that start or finish at an EU port. Three quarters of the revenues generated from the auctioning of allowances will be put into an Ocean Fund to support the industry\u2019s decarbonisation efforts.<\/p>\n

The IMO has only given provisional agreement to a carbon price, which hopefully will move ambitiously forward but it is definitely not at the stage where it could be said that it will achieve a reduction in shipping emissions in line with 1.5C on its own.<\/p>\n

Source:<\/b> Climate Change News<\/p>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

Climate Change News<\/p>\n","protected":false},"author":1,"featured_media":3495650,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[89,88],"tags":[],"class_list":["post-3495620","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","category-news"],"yoast_head":"\nUN body makes \u2018breakthrough\u2019 on carbon price proposal for shipping - Global Factor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.globalfactor.com\/en\/un-body-makes-breakthrough-on-carbon-price-proposal-for-shipping\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UN body makes \u2018breakthrough\u2019 on carbon price proposal for shipping - 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