🚢 Global Shipping Decarbonisation Hits Snag: IMO Fails to Agree on Carbon Pricing

• The International Chamber of Shipping (ICS) expressed disappointment following the International Maritime Organization (IMO) MEPC Extraordinary Session, where member states failed to reach an agreement on the proposed Net-Zero Framework. • The failed framework aimed to establish the first global carbon pricing mechanism for any industrial sector, vital for the maritime industry's transition to net-zero emissions. • ICS Secretary General stated that industry requires regulatory clarity to make the significant investments needed for decarbonisation, in line with the IMO GHG strategy goals. • ICS reiterated its commitment to collaborate with the IMO, recognizing it as the most effective body for developing global regulations for this global industry. Lack of clarity impacts investment planning across the international shipping sector.