Shipping groups urge discussion on global market-based measures

Chamber of Shipping > Blog > News > International > Shipping groups urge discussion on global market-based measures

Ahead of President Biden’s climate summit, shipping industry bodies representing the majority of maritime trade have called on world leaders to quickly commence deliberations on how mandatory market-based measures (MBMs) could be implemented for international shipping. BIMCO, CLIA, International Chamber of Shipping, World Shipping Council, along with other industry groups, have submitted a proposal to the International Maritime Organization (IMO), calling for the UN’s regulatory body to bring forward discussions around MBMs by several years. These measures will be critical to incentivize the transition of the global fleet to new fuels and technologies, which will be more expensive than those in use today. MBMs put a price on CO2 emissions to provide an economic incentive for a sector to reduce its emissions by narrowing the price gap between fossil fuels and zero-carbon fuels.

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