To achieve net zero greenhouse gas (GHG) GHG stands for "greenhouse gases." These are gases, like CO₂ and methane, that trap heat in the atmosphere and contribute to global warming. Activities like burning fossil fuels and deforestation increase GHG emissions, leading to climate change and extreme weather conditions. emissions from international shipping by 2050, the International Chamber of Shipping (ICS) ICS, or the International Chamber of Shipping, is a global organization representing the interests of shipowners and the maritime sector. Established in 1921, ICS provides guidelines and support, promotes safety and sustainability in shipping, and influences policy and regulations worldwide. has joined 47 governments in a joint submission to the final round of negotiations at the United Nations’ International Maritime Organization (IMO) The IMO (International Maritime Organization) is a UN agency established in 1948, responsible for promoting maritime safety, security, and environmental protection by setting global standards for shipping practices and regulations. to adopt a maritime greenhouse gas (GHG) emissions pricing mechanism for international shipping.

The joint text is supported by major shipping nations such as Greece, Japan, Korea and the United Kingdom, the world’s largest flag States including Bahamas, Liberia, Marshall Islands and Panama, all EU States (and the European Commission), other African countries such as Nigeria and Kenya, plus Small Island Developing States from the Caribbean and the Pacific.

The joint submission by governments sets out convergent regulatory text for amendments to the IMO MARPOL Convention, which will require shipping companies operating ships on international voyages to make GHG contributions per tonne of CO₂e emitted to a new “IMO GHG Strategy Implementation Fund”.

The key purpose of this mandatory GHG charge will be to reduce the cost gap between ZNZ-fuels Clean fuels where there are zero or near-zero greenhouse gas emissions. (such as green methanol, ammonia and hydrogen) and conventional marine fuels, to incentivise the accelerated uptake of green energy sources. Revenue generated will be used to reward the production and uptake of ZNZ fuels, whilst also providing billions of US dollars annually to support the maritime GHG reduction efforts of developing countries.