International Maritime Organization’s MEPC 84 meeting has delivered incremental progress on shipping decarbonisation, but significant uncertainty remains, according to Bunker Holding.
The Denmark-based marine fuel supplier said discussions over the past two weeks advanced important technical elements of the proposed Net-Zero Framework (NZF), including fuel certification, greenhouse gas fuel intensity (GFI) methodologies, and reward mechanisms.
A broad majority of member states also signalled support for the NZF as a foundation for future regulation, reinforcing industry expectations that a global framework is taking shape.
However, Bunker Holding pointed to several unresolved issues that continue to limit clarity for market participants.
Key Gaps Still to Be Addressed
The company highlighted that the design of the proposed Net-Zero Fund remains undefined, despite its central role in ensuring an equitable transition. In addition, progress on energy efficiency measures—particularly the Carbon Intensity Indicator (CII) and Ship Energy Efficiency Management Plan (SEEMP)—has been delayed.
Lifecycle assessment discussions did move forward, especially on methodology, sustainability criteria, and land-use considerations, but further alignment is still required across member states.
Bunker Holding noted that several countries showed willingness to compromise, suggesting negotiations will continue—but also prolonging uncertainty.
Industry Needs Predictability, Not Perfection
From a commercial standpoint, the firm stressed that predictability—not perfection—is what the marine fuels sector requires.
Investment decisions in alternative fuels and supporting infrastructure depend on clear and stable regulatory signals, particularly around market-based measures, lifecycle emissions accounting, and incentive structures.
Bunker Holding reiterated its fuel-agnostic stance, arguing that decarbonisation will depend on a mix of solutions rather than a single fuel pathway, supported by regulations that function across different regions and trading patterns.
While MEPC 84 stopped short of delivering final outcomes, the company said the meeting demonstrated continued engagement and forward momentum.
The next round of negotiations, it added, will be critical in translating that momentum into the regulatory certainty needed to scale the energy transition in shipping.
