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Maritime and Ports
Shipowners left scratching their heads about the potential financial penalties they face from the new net-zero framework agreement penned at the International Maritime Organization last week have been given a solution.
Employees at Singapore’s Global Centre for Maritime Decarbonisation (GCMD) worked overtime this past weekend to develop a free cost and compliance calculator to help contextualise the penalties.
Shipping is set to become the only sector in the world with the first-ever global price on carbon emissions following last week’s 83rd gathering of the Marine Environment Protection Committee at the IMO’s London headquarters.
Simply put, from 2028, shipowners who do not meet certain emission targets will have to pay a penalty, buy carbon credits or use credits purchased earlier.
While it won’t fully close the current price gap between green and fossil fuels, this first-of-its-kind regulatory framework will bring them closer in an effort to accelerate a transition to cleaner fuels.
Ships missing the IMO emission tougher target would initially have to pay $100 annually for every tonne of CO₂ emissions that exceeds this goal.
Those falling below the weaker target would have to pay up to $380 for every tonne of emissions above this level.
Ships could pay that money to the IMO or buy credits from vessels that meet both targets by running on lower-carbon fuels.
The IMO can use these revenues to compensate ships using low-carbon fuels, while investing in decarbonising the maritime sector, and addressing any negative impacts of the measures on food security.
GCMD’s new calculator is available for trial by clicking here.