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The application of Market Based Instruments (MBIs) to international shipping is proving to be a most difficult subject to address. Governments held an in depth discussion of MBIs at a meeting of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC) in July and proposals have included ‘cap and trade’ Emission Trading Schemes (ETS), and a carbon levy or tax system, which could be linked to a fund to help deliver further emission reductions. However, whatever measures may ultimately be decided, the international shipping industry believes that, as well as having a net environmental benefit, MBIs, if adopted, must be ‘flag neutral’ in order to avoid market distortions and maximise their effectiveness in reducing CO2 emissions. In order to ensure that any MBIs applied to the industry are both workable and deliver real environmental benefits, it is vital that the shipping industry is fully engaged in discussions about the ‘pros and cons’ of all the various proposals. On this basis therefore, and to help inform government discussions at IMO, ICS prepared, in early 2009, a detailed analysis on the net environmental benefits and commercial implications of the various possibilities for MBIs that are being actively considered by governments. You can read the study in full here. |
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