World Shipping Council proposed green fuel price cap to IMO

Chamber of Shipping > Blog > News > International > World Shipping Council proposed green fuel price cap to IMO
The World Shipping Council (WSC) has proposed a Green Balance Mechanism (GBM) to the International Maritime Organization (IMO) to facilitate the maritime industry’s shift to green fuels by addressing the cost disparity between clean and fossil fuels. The GBM would apply fees on fossil fuel usage to subsidize green fuel use, ensuring that the cost of fuel remains consistent while incentivizing the reduction of greenhouse gas emissions. The funds collected would support ships using green fuels that meet specific emission thresholds. This proposal is part of a broader discussion on reducing greenhouse gases in shipping, with other initiatives like the International Chamber of Shipping’s zero-emission shipping fund and a levy on GHG emissions proposed by small island developing states also under consideration.

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