World News
ICS Submits 2050 Net Zero CO2 Plan to IMO
Industry body the International Chamber of Shipping has submitted comments to the IMO setting out its views on how to achieve net zero CO2 emissions from shipping by 2050.
The document, submitted to the UN body's Marine Environment Protection Committee ahead of its next meeting later this month, suggests the current 50% GHG cut target for 2050 is inadequate and calls for a 'credible plan for delivery' of a net zero CO2 goal.
"If increasing the level of ambition is to be more than a political gesture, the first step will be for Member States to recognise the magnitude and complexity of the challenge of phasing-out CO2 emissions from ships more or less completely by 2050," the ICS said in the document.
"Critical to successful achievement of rapid decarbonization will be for the committee to take the urgent measures required to accelerate and expedite an increase in technology readiness levels by 2030.
"Just setting another target to reduce shipping emissions will not make this happen by itself."
The industry body reiterated its call for a $2/mt levy to be imposed on bunker purchases to set up a decarbonisation research and development fund for shipping, and suggested that failing to adopt this proposal at the upcoming MEPC meeting would be a blow to the possibility of setting a 2050 net zero target. The organisation also separately supports imposing carbon taxation on bunker purchases to narrow the gap between conventional and alternative bunker fuel prices.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
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