Cyprus Shipping Says IMO Net-Zero Framework Adoption Delay Provides Valuable Time

The group says the one-year pause gives space to build consensus on shipping’s decarbonisation path. Image Credit: Ship & Bunker

The Cyprus Shipping Chamber (CSC) said the IMO's decision to postpone the net zero framework (NZF) for one year gives valuable time to build wider consensus.

It said the extra time will help member states agree on how to meet the IMO's 2050 zero-emission target and shape practical measures for the transition, CSC said in a statement on its website on Monday.

During an extraordinary session of the IMO's Marine Environment Protection Committee last month, the members voted to delay adoption of the NZF by a year after strident opposition from the US and other countries.

Cyprus, along with Greece, was one of two EU member states to go against EU bloc voting at the recent MEPC meeting to abstain on the vote for a pause, a move that has triggered some controversy in Europe.

The CSC said it supports the adoption of the NZF as a key step towards a global decarbonisation mechanism.

It emphasised that the additional time should be used to analyse proposals, enhance collaboration, and identify practical, balanced solutions for the industry's transition.

A clear, coordinated framework under the IMO is essential to provide stability and direction for shipowners and fuel producers, the chamber said.

Without it, there is a risk of fragmented regional rules, higher costs and reduced competitiveness.

"The Chamber remains steadfastly committed to this direction and reiterates its dedication to continue working with consistency, responsibility and a collaborative spirit, as it has done for over 36 years, towards a sustainable, competitive and internationally harmonised shipping sector, which represents the common objective of all stakeholders," the chamber said.

Established in 1989, the CSC is made up of 200 maritime companies in Cyprus.