Analyzing approaches to set GHG reduction target in anticipation of potential ‘further measures’ for international shipping
(Japan Maritime Center)
With the adoption of the Paris Agreement and submission of intended nationally determined contributions (INDCs) containing quantified emission reduction targets by parties of the UNFCCC, as well as the adoption of the global aspirational goals for CO2 reduction from the aviation sector at the ICAO, the IMO is now faced with an ever-increasing challenge to define its contribution for the global efforts to tackle climate change by setting the GHG emission reduction target for international shipping.
This paper aims to analyze the pros and cons of various approaches in setting the reduction target for international shipping, taking into account the specific circumstances related to the shipping industry and the developments in other sectors, i.e. the UNFCCC and the ICAO, in order to find the appropriate methods to address this global challenge on target-setting. It also aims to consider the relationship between the reduction target and the potential ‘further measures’ for GHG reductions, including the market-based measures (MBMs), which would bring further input to ensure a deliberate decision-making process on target-setting.
This paper argues that careful consideration is necessary, taking into account the science-based required reduction level, the actual target set in other sectors, the reduction potential and abatement costs of international shipping, and its distinctive role for the sustainable development of world economy, in order to set a fair, ambitious and practically achievable reduction target for international shipping.