IBIA endorses IMO’s net-zero framework

The International Bunker Industry Association (IBIA) has advocated for the International Maritime Organization’s (IMO) net-zero framework ahead of its expected adoption in October.

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All eyes in the shipping industry are on London now, where the IMO is set to hold a decisive vote on its net-zero framework on 17 October.

The net-zero framework’s approval will give the shipping industry clearer regulatory direction, and boost investments in low- and zero-carbon fuels, the IBIA said. It will help shipping stay on track with its decarbonisation targets.

The stake of this highly anticipated decision is not just limited to the future of energy transition of the global maritime industry, “but also the credibility of the governance framework for regulating shipping.”

It is imperative that the IMO adopts the framework to ensure that the global shipping fleet achieves net-zero greenhouse gas (GHG) emissions by or around 2050, IBIA said.

Notably, the German government has called the net-zero framework adoption “essential” to guarantee investment certainty, level the global playing field and ensure that shipping contributes to meeting the Paris Agreement.

Denmark-based shipowners’ association Danish Shipping said it is “giving its full backing to the agreement,” and urges the framework’s adoption.

By Aparupa Mazumder

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