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    New partnership aims to reduce the risks posed by dry bulk cargoes

    St. Lawrence Seaway resumes traffic as grounded vessel is refloated

    War risks insurance to be offered for vessels in the Black Sea

    War risks insurance to be offered for vessels in the Black Sea

    canada shipwreck

    Ghana imposes strict PSC and fines over MARPOL violations

    American club

    RMI: Failed bursting discs in carbon dioxide fire-extinguishing systems

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    thinking out of the box

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    Always do what your gut tells you: Keep it healthy

    Always do what your gut tells you: Keep it healthy

    Book Review: A role model for ship managers

    Book Review: How we perceive and deal with luck in life and business

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    aidaprima biofuel

    Russia removes ban on high-sulfer and bunker fuel exports

    QatarEnergy, HHI to construct 17 ultra-modern LNG carriers

    QatarEnergy, HHI to construct 17 ultra-modern LNG carriers

    ABS and Asiatic Lloyd Maritime LLP to explore methanol fuel system conversion

    ABS and Asiatic Lloyd Maritime LLP to explore methanol fuel system conversion

    powercell hydrogen fuel cell

    Two Swedish companies collaborate on hydrogen fuel use

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    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    Jotun Hellas pioneers vessel maintenance and safety with novel Aerial Drone Inspection Service

    IUMI explores the implications of digitalization on marine insurance

    IUMI explores the implications of digitalization on marine insurance

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

    UK-Singapore consortium achieves world’s first fully-digitalised shipment

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    Port of Rotterdam and Yokogawa study ways to increase energy efficiency

    Irish forces found huge quantity of drugs on board ship

    Irish forces found huge quantity of drugs on board ship

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    Gard Club: Industry needs to mature and learn from incidents and human errors

    Gard Club: Industry needs to mature and learn from incidents and human errors

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Tokyo MOU: Fire Safety is one of the most frequently detainable deficiencies

    Seafarer Stories: Capt. Cristian Bacanu, Master

    Seafarer Stories: Capt. Cristian Bacanu, Master

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SAFETY4SEA

BIMCO: Shipping should talk Market-Based-Measures to lower its emissions

by The Editorial Team
March 3, 2021
in Emissions
decarbonization of maritime
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Amid a growing interest across the industry on the need of market-based measures (MBM), BIMCO called states and the industry to start a dialogue on how to create a global ruleset for MBMs, in order to support the use of low carbon fuels and to create a level playing field for the industry.

The call follows a debate on globally regulated market-based measures, which were agreed at BIMCO’s board of directors meeting in late January 2021.

One way we can make the current low emission technologies competitive with traditional fuels is through some form of market-based measure. We need a mechanism that equalizes the cost between using low carbon fuels and traditional fossil fuels,

…says BIMCO president Sadan Kaptanoglu.

BIMCO specifically highlighted the need for market-based measures in shipping to be governed by global rules, “as it is critical that the industry is not required to pay for its carbon emissions multiple times“.

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This is relevant if market-based measures are being implemented regionally as it has been announced by the European Commission.

A market-based measure can be described as a rule or legal framework that encourages a desired behaviour through financial incentives. In this case, the shipping industry should be encouraged to use low carbon or zero carbon fuels to limit CO2 emissions. But as long as using traditional fuels is dramatically cheaper, it will discourage the up-take of low carbon fuels and put the first moving companies at a significant competitive disadvantage.

Equalizing the cost can also spur on innovation, because the potential market grows, and speed up the installation of the required infrastructure,

…Kaptanoglu says.

IMO is a good platform for the debate on a ruleset, according to Kaptanoglu, but it is critical that the debate begins now, in order for the industry to make the transition in time to reach our CO2 reduction targets.

The BIMCO statement follows the adoption by the Transport Committee of the European Parliament of the Delli Report on more efficient and cleaner maritime transport, which calls on the Commission, among others, to address the carbon intensity of fuels under the FuelEU Maritime initiative.

The European Commission launched the initiative earlier in February, aiming to increase the use of sustainable alternative fuels in European shipping and ports, as part of its efforts to drive decarbonization and sustainability within the industry.

The Delli Report, which was adopted by parliament in late February, actually calls on the Commission to address under the FuelEU Maritime initiative, not only the carbon intensity of fuels, but also the technical and operational measures, which would improve the efficiency of ships and their operations.

Earlier in February, European shipowners also expressed their position that a fuel standard as a requirement for ships instead of fuel suppliers, under the FuelEU Maritime proposal, would risk failing to deliver emissions reductions and would be challenging to enforce.

See also: An overview of potential MBMs under IMO initial GHG strategy

Tags: alternative fuelsBIMCOreducing shipping emissionsshipping marketsm
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