MEPC 80: real numbers please

This week (3-7 July) sees the 80th meeting of the Marine Environment Protection Committee (MEPC) and with more than 800 delegates in IMO’s headquarters on the banks of the River Thames, it was one of the largest MEPC meetings since the end of the Covid lockdowns.

In his opening address, IMO secretary general Kitack Lim said this week will include the revision of the GHG strategy, setting the pathways for the decarbonisation of the industry.

“The efforts shown by all delegates and the member state NGOs during the discussion through our all intersessional working groups, particularly last week, will be clearly remembered by all member states and friends around the world in the maritime community,” he said.

That final revision will be eagerly awaited by investors, too, according to Ms MacLaine, who noted there are billions of dollars available from funds looking to invest in shipping’s transition.

Speaking during one of the sponsored coffee breaks, Ms MacLaine said there needs to be real numbers – a firm percentage cut in shipping’s emissions by 2030 and net-zero by 2050.

ZESTA believes including a definitive number, such as a 37% cut in shipping’s emissions by 2030 is a good option, but currently the crucial text is hedged by square brackets and the worst possible case would be leave in the word ’around’.

For financiers, around is too vague and leaves too big a risk gap and ZESTA feels the funds will not come on board to finance shipping’s transition if there is not a real, firm number in the final text.