London (April 16)--The International Emissions Trading Association (IETA) welcomed the International Maritime Organisation’s initiation of a climate change strategy.

The UN body’s environment committee adopted an “Initial Strategy” to cut emissions by 50% from 2008 levels by 2050. The panel will now consider ways in which this goal can be achieved, including potential use of market-based measures. 

“We congratulate the maritime sector for the agreement to address emissions from international shipping,” said Dirk Forrister, CEO of IETA. “Since the international aviation community agreed in 2015 to launch a global sectoral market-based programme, shipping was the missing piece of the puzzle.”

IMO’s Working Group on Reduction of GHG Emissions from Ships will now develop a programme of follow-up actions to implement the Initial Strategy, which may include establishing a market system in carbon reductions.

“IETA is encouraged that the IMO wants to consider the advantages of market mechanisms, offering advantages of low cost and high effectiveness,” Forrister said. “With a strong system of monitoring and verification, a market-based system can be the lowest-cost path to deep decarbonisation.”

“We look forward to engaging with IMO member states and sharing the experience of our energy and industrial members, who have considerable experience in this field.”

Notes:

More than 100 member states of IMO’s Maritime Environmental Protection Committee adopted on April 13 a “climate change strategy” with a goal to peak emissions from international shipping “as soon as possible” and to reduce them by at least 50% from 2008 levels by 2050.

The IMO and the International Civil Aviation Organisation are tasked by the United Nations with tackling emissions from international shipping and aviation. Last year ICAO formally approved an international market-based mechanism that will ensure that all growth in aviation emissions from 2020 is offset.