World News
IBIA Warns of 'Enormous Workload' at IMO on GHG Reduction Proposals
Bunker industry body IBIA has warned of 'an enormous workload' for the International Maritime Organization in the next few years as it attempts to bring in global carbon taxation for the shipping industry.
Time is usually a scarce commodity at the UN body's sporadic committee meetings, with heated discussions over every detail of their output.
Last week the IMO's Marine Environment Protection Committee adopted a work plan for progress on GHG measures with the following three stages:
- Phase I - Collation and initial consideration of proposals for measures (Spring 2021 to spring 2022)
- Phase II - Assessment and selection of measures(s) to further develop (Spring 2022 to spring 2023)
- Phase III – Development of(a) measure(s) to be finalized within (an) agreed target date(s)
"The above will entail an enormous workload," IBIA said in a statement on its website on Friday.
"Already, hundreds of proposals and commenting documents have been submitted to the IMO on issues related to GHG reduction.
"Every potential new policy tool must be assessed for the potential impact on states as well as trying to identify the actual emissions reduction potential.
"Much of this work will happen between MEPC meetings through intersessional working groups (ISWG-GHG) and correspondence groups, not to mention research and negotiations between Member States and NGOs with consultative status at the IMO."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 551.00 | 3.00 | 672.00 | 5.50 |
| Rotterdam | 515.50 | 2.50 | 652.50 | 3.50 |
| Houston | 540.50 | 4.00 | 670.00 | 5.00 |
| Fujairah | 542.50 | 1.00 | 747.00 | 3.00 |
| Global 20 Ports Average | 573.50 | 1.50 | 756.00 | 2.00 |
| Global 4 Ports Average | 537.50 | 1.00 | 685.50 | 1.00 |
| Global Average Bunker Price | 624.50 | 0.50 | 801.00 | 0.00 |
Popular Now More
-
Dec 24The 9,500 DWT heavy lift vessel Ursa Major sustained an engine room explosion in the Strait of Gibraltar at about 12:30 PM local time on Monday. -
Dec 23Since its launch in late June, the company's first 100 deliveries have primarily focused on LSMGO supply by barge to container ships and tankers in New York Harbor, CEO John Barbarise tells Ship & Bunker. -
Dec 23The company carried out worldwide marine fuel trading from offices in Singapore.