The International Chamber of Shipping reaffirms commitment to 2050 net zero

Action Required: Communications leads are kindly asked to take note of the press release on the revised proposal submitted to the International Maritime Organization (IMO) that reaffirms the industry’s commitment to meet 2050 net zero carbon goals, and sets out the full details of how this can be achieved via a ‘Fund and Reward’ system.

The ICS Board met in London last week and unanimously supports the proposal for shipowners to make mandatory contributions per tonne of CO2 emitted to create a new IMO fund to be established by 2024.
In the new submission, ICS has set out details of how a mandatory flat rate (levy-based) contribution by ships will be collected by an IMO Maritime Sustainability Fund. Importantly, to achieve consensus among governments, ICS explains how the contribution by ships per tonne of CO2 emitted can be set by IMO at a relatively low level and still be sufficient to narrow the price gap between alternative and conventional fuels.

For the full press release please click Annex A below.