Shipping line CEOs call for green measures including GHG pricing mechanism and end of fossil-only powered newbuilds

The CEOs of major shipping companies have issued a joint statement at COP 28 calling for an end date for fossil-only powered newbuilds and urging the International Maritime Organization (IMO) to create regulatory conditions to accelerate the transition to green fuels.

Signed by CMA CGM, Maersk, Hapag-Lloyd and MSC, the declaration calls for the establishment of four regulatory cornerstones, including an effective greenhouse gas (GHG) price mechanism to make green fuel competitive with black fuel during the transition phase.

The CEOs are calling for a vessel pooling option for GHG regulatory compliance where the performance of a group of vessels could count instead of only that of an individual ship, ensuring investments are made where they achieve the greatest GHG reduction, accelerating decarbonisation across the entire fleet.