The World Shipping Council (WSC) on Thursday (25 August) highlighted three key suggestions in a recent paper submitted to the International Maritime Organization (IMO) to support swift progress and ensure that regulations are effective in driving the transition to alternative fuels and propulsion technologies.
“This is the time for open-minded discussions and a shared focus around what is needed for our climate and the sustainability of global supply chains. We have to think practically about what the proposals before the IMO can deliver in actual carbon emission reductions and also how to get to a decision. It is not just about getting to yes, but getting to yes on something that will make a difference for the future of our planet,” said John Butler, President & CEO of WSC.
The WSC paper MEPC 79/7 examines the main mid-term measures under deliberation, identifies cross-cutting issues relevant to numerous proposals, and proposes three key suggestions for consideration by member nations at IMO ISWG-GHG 13 and MEPC 79.
Current proposals before the IMO address different components of what WSC regards as Six Critical Pathways which need to be considered to decarbonise the industry in line with global climate targets. The current proposals include a GHG levy or feebate mechanism, a GHG fuel standard, emissions trading, and a funding/reward system tied to a specific benchmark. They all have their strengths, but share a set of challenges that are critical to the overall viability and success of IMO’s GHG Strategy:
A way forward
To address the above challenges and enable swift progress at IMO ISWG-GHG 13 and MEPC 79, WSC offers three suggestions that would significantly strengthen the IMO GHG Strategy.
“Our core challenge is to create the regulatory structure to drive development, production, and adoption of low and near-zero GHG fuels and technologies, coupled with the necessary investments in renewable energy production for an equitable transition,” said John Butler.
“Liner shipping is investing in decarbonisation, and we urge IMO member nations to come together with a focus on future generations to ensure the advancements necessary for a timely energy transition.”
‘Economics of the shipping market will be the key driver enabling methanol to be adopted at a higher pace going forth over next couple years as market begins to return to more normal rates,’ states COO.
Integr8 Fuel injunction varied by Singapore Court to allow former employees to start work at Hartree Group in December 2022 following failure to produce evidence on biofuels development plans.
Variability of sources can affect the stability and performance of biofuel bunkers produced from these feedstocks, in turn leading to difficulties in meeting regulations and industry standards, shares Bryan Quek.
Top three positive movers in 2022 were Bunker House Petroleum Pte Ltd (+7), Eastpoint International Marketing Pte Ltd (+5), and Eng Hua Company (Pte) Ltd (+6); newcomer Sinopec Fuel Oil (Singapore) gets 19th spot.
Livestock carrier also involved in earlier bunker claim with Glander International Bunkering due to remaining unpaid fuel bill of approximately USD 116,000, according to court documents obtained by Manifold Times.
A blend of standard MGO and biodiesel, MGO B20 is distributed at the company’s floating kiosk CNC 5 which is located off the buoy of West Coast Pier; PS Energy has been stamped with globally recognised ISCC.