Three more years of delay, arguably…with little shift to net zero in that period (?) …though fuels are getting cleaner.

The figure in the headline is provisional from the International Maritime Organization sec general, given in the press conference on Friday.

How the IMO climate program might work …only agreed by about half the countries so far

Under the draft regulations, ships will be required to comply with: 

1. Global fuel standard: Ships must reduce, over time, their annual greenhouse gas fuel intensity (GFI) – that is, how much GHG is emitted for each unit of energy used. This is calculated using a well-to-wake approach.  
2. Global economic measure: Ships emitting above GFI thresholds will have to acquire remedial units to balance its deficit emissions, while those using zero or near-zero GHG technologies will be eligible for financial rewards.  

The remedial units will probably be linked to Paris compliant carbon credits. (to be confirmed)

More details here:

I woke up to find market reaction to UN talks on cutting shipping emissions; Should I have bothered? (1)

(more to come)