THE International Chamber of Shipping (ICS), working with the governments of The Bahamas and Liberia, has presented a comprehensive proposal to ensure delivery of the UN International Maritime Organization's (IMO) target to achieve net zero greenhouse gas (GHG) emissions from international shipping by 2050.
At the heart of the proposal is a GHG fee, charged to ships per tonne of CO2 equivalent (CO2e) emitted, combined with a "feebate" mechanism to incentivize the accelerated production and uptake of zero/near-zero GHG marine fuels, such as green ammonia, hydrogen and methanol, sustainable biofuels, and new technologies such as on-board carbon capture.
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