The International Maritime Organization is meeting in London to refine its proposed Net‑Zero Framework, a global regime that would combine mandatory greenhouse‑gas emission limits with a sector‑wide carbon pricing mechanism for international shipping. The draft includes two penalty tiers per tonne of CO₂ equivalent and envisages an IMO‑administered fund to support decarbonisation.
The IMO is currently refining its proposed Net‑Zero Framework (NZF), designed to achieve net‑zero greenhouse‑gas emissions from international shipping by or around 2050. The scheme would be the first global, sector‑wide system to combine mandatory GHG caps with a unified carbon pricing mechanism applied to the entire world fleet. Under the latest parameters discussed, operators that fail to meet the base emission target would pay Tier 2 penalties of about USD 380 per tonne of CO₂ equivalent, while those meeting the base target but missing a more ambitious direct‑compliance level would pay a Tier 1 price of roughly USD 100 per tonne. The framework also contemplates an IMO‑administered fund financed by carbon payments and penalties, with proceeds earmarked for clean‑shipping transition measures.
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