World News
MEPC80: IMO Line on Carbon Offsetting Remains Ambiguous For Now
In the IMO's revised strategy on GHG emissions, the organisation has retained strategic ambiguity over whether it sees a role for carbon offsetting, according to consultancy University Maritime Advisory Services (UMAS).
The UN body's Marine Environment Protection Committee set a revised strategy on the reduction of GHG emissions from ships on Friday, committing to net-zero emissions by about 2050.
But the organisation is remaining coy about whether it will allow the use of carbon offsets to achieve its decarbonisation goals, Tristan Smith and Alison Shaw of UMAS said in an emailed statement on Friday.
"In the debate during ISWG-GHG 15 focused on the 2050 target, the majority of countries that spoke preferred the term 'zero', or if using 'net zero' wanted to have additional language clarifying that this would not include offsetting," Smith and Shaw said.
"However, the majority of countries in the room could support the term net-zero, and some spoke in favour of a limited role for offsetting - for example should reducing the last small % of emissions prove impossible.
"In efforts to bridge the divide, the chair suggested that, as in the initial strategy, the language should exclude mention of offsetting e.g. using the classic political solution of constructive ambiguity it is neither explicitly included nor excluded.
"This issue will therefore likely come up again in the debate on mid-term measures (and there is a policy measure proposal which can include offsetting as a contributor to GHG reduction)."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 571.00 | 1.50 | 685.50 | 5.50 |
| Rotterdam | 516.50 | 1.50 | 677.50 | 3.50 |
| Houston | 556.00 | 6.00 | 679.00 | 1.00 |
| Fujairah | 565.00 | 4.50 | 755.00 | 1.50 |
| Global 20 Ports Average | 589.00 | 3.00 | 764.50 | 3.50 |
| Global 4 Ports Average | 552.00 | 3.00 | 699.00 | 2.50 |
| Global Average Bunker Price | 635.50 | 1.00 | 811.50 | 11.00 |
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