The International Chamber of Shipping (ICS) has warned that the shipping industry now faces renewed uncertainty over its clean energy investments after the IMO failed to reach an agreement on adopting its Net-Zero Framework.
The decision followed the conclusion of the IMO’s extraordinary Marine Environment Protection Committee (MEPC/ES.2) session in London, where delegates were unable to agree on what would have been the first global carbon pricing mechanism for any industrial sector.
“We are disappointed that member states have not been able to agree a way forward at this meeting. Industry needs clarity to be able to make the investments needed to decarbonise the maritime sector, in line with the goals set out in the IMO GHG strategy,” said Thomas A. Kazakos, ICS Secretary General.
Kazakos reaffirmed that ICS would continue to work with the IMO, describing it as “the best organisation to deliver the global regulations needed for a global industry.”
The delay adds to growing frustration within the sector, with shipowners warning that a lack of regulatory certainty could slow the flow of capital into green technologies such as alternative fuels, carbon capture, and new vessel designs.
