Pacific nations this week have lodged new submissions at the International Maritime Organisation (IMO), calling for a high price on GHG emissions.
According to the Micronesian Centre for Sustainable Transport (MCST), the Marshall Islands and Solomon Islands proposal is by far the most ambitious, with the World Bank valuing it at between US$60-US80 billion per year.
The IMO plans to confirm its revised Strategy for GHG emissions in July. “It will be a watershed moment for this UN agency – its credibility is on the line,” the MCST said.
MCST says large industry and big shipping countries are positioning their economies to benefit from next generation GHG free shipping, but it will come at a global cost, likely greatest for island states.
MCST commends the hard work of Pacific delegations at IMO which has resulted in the concept of an Equitable Transition being adopted, one that leaves no state behind.
“This is key to unlocking financing revenues for transitioning our domestic fleets to better and cleaner technologies and more appropriate and affordable shipping,” the institution stressed.