EMEA News
IMO Closing in on Final GHG Emissions Deal
The agreement at MEPC83 on the technical and economic measures needed to curtail the output of greenhouse gases from global shipping has brought the International Maritime Organization a step closer to finalising the deal at its next meeting in October (MEPC84), IMO secretary-general Arsenio Dominguez has said.
The agreement, the first to put a price mechanism on emissions globally, will mean that ships producing carbon dioxide emissions beyond agreed limits will have to pay for those emissions.
"We have something on the table and we can close the deal in October," Dominguez said at a press conference coming at the end of what has been a week of intense negotiations on the best way to make the IMO's GHG strategy work in practice.
Although voting on the agreement saw a small number of member states abstain, Dominguez said that there was time left in the process to address concerns.
In a what is a challenging environment for multilateralism, Dominguez added that overall the agreement reached this week should be seen as a positive outcome.
The revenue generated from the agreement which starts from 2028 is slated to bring in between $11 billion and $13 billion annually. Funds will go towards the development of low-carbon fuels as well as the mitigation of climate change impacts on developing states.
Provision has been made within in the agreement for surplus units of carbon dioxide equivalents to be traded.
