Lloyd's List: The Shipping Podcast17 Feb 2025

It’s crunch time at the IMO. Or is it?

MONDAY February 17 kicks off the first of a crucial series of climate talks at the International Maritime Organization. There are just two intersessional working group meetings, and one Marine Environment Protection Committee left to approve regulations to bring shipping to net zero by or around 2050. Hundreds of negotiators will be working day and night to agree on some combination of a carbon price tool and a greenhouse gas fuel standard. The rules have to close the price gap between fossil and green fuels, kickstart investment in renewable supply chains, and also help poorer countries and low-lying islands cope with the costs of climate change. This has been talked about this for many years now, but 2025 is different. The IMO’s 2023 GHG Strategy requires it to approve its mid-term measures in April and adopt them in October, to then come into force by 2027. So, what can we expect? ISW-GHG is not open to the press, but it’s where much of the real political horse-trading takes place. The IMO’s 176 member states are split roughly between those in favour of a carbon levy per tonne of CO2 equivalent, combined with a green fuel standard, and those who only want a fuel standard alone. Declan Bush takes you behind the doors of the IMO ahead of an important week for the shipping industry. Joining Declan on this week’s episode are: Guy Platten, secretary general, International Chamber of Shipping Jesse Fahnestock, decarbonisation director, Global Maritime Forum

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