Non-profit EDF urges member states to co-design strong carbon pricing mechanism
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The Environmental Defense Fund (EDF) on Friday (27 September) urged International Maritime Organization (IMO) member states to seize the momentum to co-design a strong carbon pricing mechanism.
The non-profit organisation said this ahead of the Marine Environmental Protection Committee (MEPC) meeting that starts on 30 September and after IMO concluded the 17th meeting of its Intersessional Working Group on Reduction of Greenhouse Gas Emissions from Ships.
“The future of a healthy global trade system will be in the hands of the International Maritime Organization next week. Environmental Defense Fund urges member states to seize the momentum to co-design a strong carbon pricing mechanism,” said Angie Farrag-Thibault, Associate Vice-President, Global Transportation.
“A flat contribution on emissions, for example in the form of a levy, combined with a global fuel standard that accounts for the full lifecycle emissions of marine fuels will be the fairest and most cost-effective way to decarbonise shipping by bringing more sustainable fuels to market, protecting vulnerable communities and the environment, and ensuring a thriving maritime industry.”
When discussing the suggested economic measures, there was increasing support from member states for a universal carbon price in the form of a flat contribution on emissions, such as in the form of a levy.
Such a contribution would generate funds to incentivise the transition to clean shipping and support the needs of climate-vulnerable developing economies.
The details of this economic measure, together with those of a global fuel standard, will be discussed at the 82nd meeting of the IMO’s MEPC.
In its revised 2023 Strategy, the IMO committed to reducing emissions from shipping by up to 30% by 2030 and up to 80% by 2040, achieving net-zero by around 2050.
As a consultative member of the IMO, EDF said it is committed to making the organization’s short-term and mid-term measures a success to decarbonise shipping.
Photo credit: Venti Views on Unsplash
Published: 30 September, 2024
