The International Maritime Organization (IMO) has reportedly made consistent progress on its Net Zero Framework, according to Hellenic Shipping News. A significant majority of member states have continued to endorse the concept of greenhouse gas (GHG) pricing.
The 22nd Intersessional Working Group on GHG emissions concluded with two-thirds of participating member states expressing support for a centralized system. This system aims to collect revenues through a GHG price, referred to as a 'RU price' in the source.
The proposed centralized fund would be responsible for disbursing these collected revenues. Its primary purposes include rewarding early adopters of green technologies and supporting a fair and equitable transition for the shipping industry.
This development indicates a broad consensus among IMO member states regarding the financial mechanisms required to facilitate the decarbonization of maritime transport. The focus is on creating incentives and support structures for the industry's shift.
