World News
MEPC81: IMO Moves One Step Closer to Global Bunker GHG Taxation
Further progress has been made at the International Maritime Organization this week towards its goal of imposing global GHG taxation on shipping.
The UN body's Marine Environment Protection Committee met in London this week, with further work on its decarbonisation plans high on the agenda.
The organisation has set itself the task of adopting decarbonisation measures including a global fuel standard and a GHG pricing regulation by April 2025.
A majority of countries speaking at the MEPC meeting supported a global GHG levy this week. A smaller group support the most ambitious version of this planned regulation, which would impose a $150/mtCO2e levy on bunker consumption.
This week's meeting agreed a framework setting out the areas of action needed to bring together members states on decarbonisation measures. Further work on these measures will now be carried out at the MEPC 82 meeting in October.
"Despite broad agreement on adopting both a GHG Fuel Standard and a GHG pricing mechanism, member states still hold divergent views on the details of the measures," the Micronesian Center for Sustainable Transport said in an emailed statement on Friday.
"They now face a challenge to agree on key elements in the future measures within a tight timeframe.
"Given the considerable sums involved in this 'trillions transition' that IMO member states have committed to, the stakes are high for all participants."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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