Delivering net-zero shipping by 2050: Introducing the Green Balance Mechanism
Washington/Brussels/London/Singapore, 15 February 2024 — The global shipping regulator, the UN International Maritime Organisation, has set a target of net-zero carbon emissions by 2050 for the industry, and now needs to develop climate regulations by 2025 that make it possible to reach that target.
The greater the greenhouse gas emission reductions a fuel delivers — on a well-to-wake lifecycle basis — the greater the financial allocation received. The Green Balance Mechanism is adaptable and fully integrated with a greenhouse gas fuel-intensity standard. It can be used as a targeted greenhouse gas pricing mechanism, or a possible addition to an integrated measure.
“Collective action is vital for the liner shipping industry in striving toward decarbonization. With 24 dual-fuel methanol vessels on order, we will further join forces with like-minded partners toward greening the future of shipping. It is essential to have a new approach to greenhouse gas pricing that would drive demand for cleaner fuels from the start of the transition. We need the support of authorities, vendors, and customers. Together, we can decarbonize,” says K.H. Wu, CEO of Evergreen.
“At MSC we have had our target of net zero by 2050 in place for some time and have committed significant investments to renew our fleet with 100 dual fuel LNG vessels on order. However, we also need the commitment from energy producers to provide alternative fuels to meet our target, and they need to be incentivized to produce them.
France Dernières Nouvelles, France Actualités
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