Shipping bodies call for accelerated discussions on market-based decarbonisation measures

Ahead of President Biden’s climate summit, shipping organisations have called on world leaders to urgently examine the role of market-based measures (MBMs) to ensure ambitious decarbonisation targets are met across the entire global maritime sector.

With the summit hosted by the US seen as a vital precursor to COP26 and the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC), shipping bodies want leaders to put their political weight behind the industry’s desire to eliminate the 2% of all global CO2 that the sector emits.

BIMCO, CLIA, International Chamber of Shipping, World Shipping Council and other industry groups have submitted a proposal to the IMO, calling for it to bring forward discussions around MBMs by several years.