MEPC 85 will open for business on 30 November, building on the work to be carried out at two intersessional GHG reduction working groups in early September and late November. For now, however, it is still unclear what any final iteration of the IMO’s Net Zero Framework might look like and if it will be adopted.
In the absence of a global GHG reduction regulation, regional regulatory frameworks may take shape, but what is clear is that European regulatory levers, in the form of the EU Emissions Trading System (ETS) and FuelEU Maritime are having an impact. Compliance is now a key element of shipping companies’ strategies and taking a passive approach to fuel procurement will not pass muster in the years to come.
There was never going to be completely in-step progress on decarbonisation across the fuel, technology and infrastructure sectors but maritime stakeholders are holding the line and keeping up the pace on the industry’s energy transition. However, the pace could be quicker and there are still bottlenecks in terms of innovation delivery and commercial scale-up, fuel production, availability and offtake, bunkering infrastructure, onshore power provision, and capital investment. Some regulatory ‘friction’ also exists, notably over the disbursement of revenues from European regulation.
METF26 will look at the decarbonisation ‘learning curve’ to date and discuss what is going well and where industry and policymakers could do better. Industry experts will also discuss how multi-stakeholder collaboration on projects is working in practice, with reference to cross-border pilot initiatives and green shipping corridors, and consider whether the decarbonisation roadmap needs some readjustment or refinement in order to keep on track with GHG reduction timelines.
Do some current approaches to decarbonisation need to be set aside as unworkable? Should we expect and accept industry consolidation as new technologies mature and gain commercial traction? And do business and leadership strategies need to change in order to deliver and sustain the energy transition effectively?
Secure your Early Bird place today and save £200. Join us in London for METF26.
