10th August 2024 – 16th August 2024
LOCAL NEWS
No news reported.
INTERNATIONAL NEWS
1. ICS comes up with comprehensive GHG pricing mechanism
The International Chamber of Shipping (ICS), in collaboration with the governments of Bahamas and Liberia, has presented a comprehensive new proposal to ensure delivery of the ambitious IMO target to achieve net zero emissions from shipping.
According to ICS, 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 incentivise 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.
The overarching objective is to reduce the cost gap between conventional and alternative fuels. However, the proposal foresees the allocation of about $2.5 billion annually to the IMO Net Zero Shipping Fund, whose objective will be to support efforts to reduce greenhouse gas emissions attributed to shipping.
ICS does not specify what the GHG Fee should be, but notes that it will depend on the amount of ships' "reward" for each ton of emissions not emitted through the use of lower carbon footprint fuels or emission reduction technologies.
Our Union will closely examine the ICS proposal, consult with all relevant parties, and provide feedback on this matter in the coming weeks.
Related Articles:
Naftika Chronika 14/08 - Liberia and Bahamas join forces on carbon pricing
Safety4sea 13/08 - ICS comes up with comprehensive GHG pricing mechanism
2. US TREASURY REPORT
The US Treasury Report for all actions reported is hereby attached.
Related Article:
Attachment 1: US Treasury Report for week 10/08/2024 – 16/08/2024
3. PIRACY REPORT
The Piracy Report for all actions reported is hereby attached.
Related Article:
Attachment 2: Worldwide Threat to Shipping (WTS) Report, for the period between 17/07/2024 – 14/08/2024
Nothing important to report from Local News, the House of Representatives, IMO and ILO.