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How viable are market-based measures (MBMs) as a method to reduce carbon emissions generated by maritime shipping, and what role should they play in the industry’s transition to net zero?
At the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) taking place this November, participating countries will be asked to set targets for reducing greenhouse gas (GHG) emissions that align with a shared ambition of reaching net zero emissions by 2050. With the shipping industry currently accounting for just under 3% of global GHG emissions, a viable plan for decarbonising maritime is necessary if this goal is to be achieved in time to prevent the worst impacts of climate change.
In recognition of their role in reducing global emissions, shipping industry bodies have recently called on the Member States of the International Maritime Organisation (IMO) to bring forward discussions on the development of MBMs as a method of helping the sector meet its decarbonisation targets. By placing a price on GHG emissions, MBMs could play a crucial role in maritime decarbonisation by incentivising in-sector reductions and providing for out-of-sector offsetting. However, a number of challenges continue to impact the introduction and effectiveness of MBMs.
In our latest Environment news analysis, published as part of our series of analyses preceding COP26, authors Simon Bullock of the Tyndall Centre for Climate Change Research and Alessio Sbraga and Gudmund Bernitz of Holman Fenwick Willan discuss the main challenges for the maritime shipping sector in reducing its carbon footprint, the main categories of MBMs and the role they could play in maritime decarbonisation efforts, and how the global community might overcome the current impasse on their implementation.
full article here: Making maritime shipping net zero—the viability of market-based measures.
information on environment can be found here.
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