This is very good news for anyone who cares about the climate emergency.
A.P. Moller - Maersk has led the industry in urging the IMO to act while boldly beginning a transition of its entire fleet to low carbon fuels.
But without a clear regulatory framework that assigns a price to carbon, other shipping companies may not follow their lead.
In addition, without this framework it will be extremely difficult for any company that moves a product on a ship to achieve their net zero goals.
It is essential that a "well to wake" approach is taken by the IMO--that the entire production process of fuels is included in a life cycle analysis.
Funds generated by the tax should create environmental revenues for low carbon fuel producers whose product meets certain rigorous standards. These revenues should benefit companies that are reducing carbon emissions today--not at some point in the future.
At WasteFuel we believe that our waste can be our fuel and in the process we can address the climate emergency and revolutionize mobility. We applaud the IMO for making this important progress and hope that it leads to a formal decision in the coming months.