The International Chamber of Shipping (ICS), working with the governments of Bahamas and Liberia, has presented a comprehensive new proposal to ensure delivery of the ambitious UN International Maritime Organization’s (IMO) target to achieve net zero greenhouse gas (GHG) emissions from international shipping by or around 2050.

• To help achieve net zero shipping emissions by 2050, shipping industry joins Bahamas and Liberia in comprehensive new proposal to IMO, for an annual greenhouse gas (GHG) emission fee.
• Revenue generated will support feebate (rewards) programme to incentivise accelerated production and uptake of zero/near-zero GHG marine fuels, plus a separate IMO Fund to be allocated billions of dollars annually to support maritime GHG reduction efforts in developing countries.
• ICS emphasises that delivery of IMO GHG reduction targets for 2030, 2040 and 2050 will only be plausible if governments ‘bite the bullet’ and adopt a maritime GHG emission pricing mechanism in 2025 for global implementation in 2027.

Please find the full press release attached in Annex A.

COMMUNICATIONS(24)30 -Annex A -Press Release – New proposal urges governments to ‘bite the bullet’ to meet net zero 2050 targets