Ahead of next week’s meeting of the Intersessional Working Group on Reducing GHG Emissions from Ships (ISWG-GHG 1) at the IMO headquarters, Vincent Clerc, the CEO of A.P. Moller-Maersk, expresses that the clock is ticking, and the maritime industry is at a critical crossroads.
Global shipping cannot successfully transition without widespread alternatives to ship bunker fossil fuels.
As informed, it’s imperative that the International Maritime Organization and its member states agree on making green maritime fuels as affordable as fossil fuels.
At Maersk, we believe achieving this requires bold steps: implementing a global maritime fuel standard and a pricing mechanism that ensures price parity, levels the playing field, and supports large-scale green fuel projects.
..Clerc pointed out in a LinkedIn update.
Shipping lines, through the World Shipping Council, have proposed a Green Balance Mechanism (GBM), which they support. Based on the life cycle analysis of the fuel, it proportionally rewards the use of green fuels and disincentivizes fossil fuels, closing the price gap from the outset without causing major inflationary disruptions.
Additionally, the GBM establishes a fund to support a just transition, particularly benefiting developing nations by facilitating their energy transition without disproportionate burdens. This approach fosters a global leap towards sustainable maritime energy use.
Governments at the IMO have only 6 months to a reach consensus on effective measures that will make green energy projects bankable in the short term, and we urge them to make tangible progress at MEPC82 meeting taking place in just a few days.
..Clerc stated.
By doing so, they will enable cargo owners to reduce scope 3 emissions on time and move the sector forward. It is crucial that these measures will be finally adopted in 2025.
