Members of the International Maritime Organization (IMO) have informally gathered ahead of the twenty-third intersessional working group (ISWG 23) and the eighty-fifth Marine Environment Protection Committee (MEPC 85) to find a solution for the agreement and approval of a set of policy measures in line with the IMO's 2023 greenhouse gas (GHG) strategy.
New Proposals for Regulatory Compliance
These informal sessions have led to new ideas on how to require companies to comply with regulations. Discussions are ongoing, and the details of each final proposal must be specified in the legal text or in implementation guidelines.
The Getting to Zero Coalition has engaged with its members to gain a better understanding of the commercial impacts of decarbonization, including zero and near-zero fuels (ZNZ). At the time of writing this report, 15 member companies have been consulted, most of which are shipowners (including container, bulk, and tanker operators). Charterers, fuel producers, and infrastructure industry members have also been consulted. These companies are primarily based in Europe and Asia, with some participation from Latin America and the United States, but the collective operational coverage of the 15 members is global.
Discussed Mechanisms for Regulatory Enforcement
Companies have discussed three scenarios focused on enforcement mechanisms and revenue streams related to various types of mechanisms. The first mechanism, the remedial unit, is included within the Net-Zero Framework agreed upon at MEPC 83. The other two mechanisms are newer proposals aimed at creating political common ground, particularly regarding economic elements and the management of related financial resources.
These proposals fundamentally shift compliance cost control to shipowners, which is assumed to lead to more efficient use of financial resources and reduced transfer costs. An assessment conducted by member companies indicates how far these goals are achieved and what their impacts will be on the investment topic in ZNZ fuels.
Key messages from members of the Getting to Zero Coalition indicate that allocating revenues from non-compliance penalties to projects chosen by shipowners, whether as direct grants or investments, significantly undermines the compliance signal and will not achieve the desired outcomes sought by policymakers.
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