European Shipowners | ECSA welcome the global climate agreement reached today at the United Nations’ International Maritime Organization (IMO).
“Shipping will be the first sector to have a globally agreed carbon price. It is key that multilateral cooperation at UN level delivers concrete action in times of increasing uncertainty, to achieve the 2050 net zero emissions target.Even though the agreement is not perfect, it is a good starting point for further work. It is a framework which we can build upon to ensure the necessary investment in the production of clean fuels” said Sotiris Raptis, Secretary General of European Shipowners | ECSA.
New regulations
The critically important package of new greenhouse gas (GHG) emissions reduction regulations – the “IMO net-zero framework” – will help ensure international shipping’s transition to net zero.
Shipping is an international industry
Shipping is an international industry which requires meaningful global regulations to decarbonise. Global regulation is essential to ensure a level playing field at international level and to deliver the energy transition of international shipping.
European Commission welcomes ‘s agreement
On the other hand the European Commission welcomes today’s agreement at the International Maritime Organisation (IMO), as a meaningful step towards achieving net-zero greenhouse gas (GHG) emissions from global shipping by 2050.
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Added : While today’s agreement does not yet ensure the sector’s full contribution to achieving the Paris Agreement goals, it constitutes a strong foundation for starting the required energy transition of shipping. The EU and its Member States played a key role in securing the deal and will remain actively engaged in the lead-up to its adoption in October 2025 and implementation in 2027.
The new measure
The new measure introduces a first global pricing mechanism for emissions, which along with financial incentives, will encourage shipping companies to use the cleanest fuels and technologies early on. For example, companies will be incentivised to invest in zero- and near-zero emission marine fuels, like renewable methanol and ammonia. By stimulating investment in these cleaner fuels, the measure will help reduce the shipping industry’s GHG footprint.
The pricing mechanism
The pricing mechanism will apply to a share of international shipping emissions from 2028, with an initial price of USD 100 per tonne of CO2. This will generate significant revenue, estimated to be USD 11-13 billion annually, which will be used to support the development and deployment of these zero- and near-zero emission fuels.
Next steps
The agreement will need to be confirmed by the International Maritime Organisation in October 2025. As the negotiations of the new agreement have concluded, it is time for all countries to start working on the implementation of the framework. The Commission will also assess the new global measure to see how it interacts with current EU maritime related regulations, maintaining environmental integrity while avoiding significant double burden.
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The IMO’s 2023 strategy
The IMO’s 2023 strategy sets out a clear roadmap for reducing greenhouse gas emissions from global shipping, with targets to reduce emissions by at least 20% (striving for 30%) by 2030, at least 70% (striving for 80%) by 2040, both in comparison to 2008 levels; and to achieve net-zero emissions by or around 2050.
This agreement is a major step towards achieving the Strategy’s targets and demonstrates the commitment of the international maritime community to reducing its carbon footprint and promoting its sustainable development.
