What is 2023 GHG strategy

Answer

Adopted in July 2023 at MEPC 80, this revised strategy represents a significant escalation from the older 2018 framework. The primary goal is to phase out greenhouse gas emissions from international shipping as rapidly as possible.

Important change from the 2018 Strategy

The 2018 Initial Strategy aimed for at least a 50% reduction in total annual GHG emissions by 2050 compared with 2008.

The 2023 Strategy is much more ambitious: it aims for net-zero GHG emissions by or around 2050, with intermediate 2030 and 2040 checkpoints.

Key Ambitions & Targets

Year	Target compared with 2008
2030	1) Reduce total annual GHG emissions by at least 20%, striving for 30% 2) Carbon intensity reduction: CO₂ emissions per transport work by at least 40% 3) Use of Zero/near-zero GHG fuels: At least 5%, striving for 10%, of the energy used by international shipping
2040	Reduce total annual GHG emissions by at least 70%, striving for 80%
~2050	Reach net-zero GHG emissions by or around, i.e. close to, 2050

Year

Target compared with 2008

2030

1) Reduce total annual GHG emissions by at least 20%, striving for 30%

2) Carbon intensity reduction: CO₂ emissions per transport work by at least 40%

3) Use of Zero/near-zero GHG fuels: At least 5%, striving for 10%, of the energy used by international shipping

2040

Reduce total annual GHG emissions by at least 70%, striving for 80%

~2050

Reach net-zero GHG emissions by or around, i.e. close to, 2050

Basket of Candidate Mid-Term Measures

To achieve these targets, the IMO framework establishes a combined regulatory setup comprised of two main elements:

Technical Element: A goal-based marine fuel standard regulating the phased step-down of fuel GHG intensity (g CO2e/MJ) over time.
Economic Element: A maritime GHG emissions pricing mechanism (e.g., carbon levy, fee-bate, or cap-and-trade system) to bridge the price gap between fossil and zero-emission fuels.

Key Frameworks Supporting Implementation

LCA Guidelines (MEPC.376(80)): Standardizes lifecycle calculations for alternative fuels (Well-to-Tank and Tank-to-Wake) to ensure true emissions reductions.
Short-Term Measures: Enforces technical (EEXI) and operational (CII) energy efficiency metrics to drive immediate fuel savings across the existing fleet.
Just & Equitable Transition: Mandates impact assessments on States—paying special attention to Small Island Developing States (SIDS) and Least Developed Countries (LDCs)—to prevent disproportionate economic burdens.