The revised 2023 IMO GHG Strategy

A major milestone for global efforts to minimize shipping’s environmental footprint is the IMO’s 2023 GHG Strategy, which contains more ambitious GHG emissions reduction targets. The IMO currently examines medium-term measures with technical and economic elements which have the potential to incentivise emissions reduction and fund the transition to cleaner fuels and technologies.

The Union of Greek Shipowners (UGS) actively participates in the International Chamber of Shipping’s deliberations with the aim of promoting realistic, and, thus, implementable proposals for the international shipping industry. The UGS firmly supports the adoption of global measures than can serve all shipping segments and the special features of bulk/tramp shipping, which constitutes the largest part of the industry in tonne-miles. Recognising the inherent characteristics of shipping, the complexities of shipping operations and the industry’s reliance on out-of-sector stakeholders, in particular on fuel producers and suppliers, for its decarbonisation, the UGS supports incentivising the production of safe, alternative low- and zero-carbon fuels. These fuels must be available globally in adequate quantities.

The measures to be adopted by the IMO should allow international shipping to achieve its decarbonisation objectives without undermining its vital role as the main transporter of global trade.