Major flag states backed postponing IMO Net Zero Framework

October 29 ------ The majority of top flag states voted either in favor of postponing the Net Zero Framework (NZF) by a year, or abstained, according to figures released by the IMO.

A readout of the voting on whether or not to adjourn the recent extraordinary meeting of the Marine Environment Protection Committee (MEPC) by a year showed that world’s two largest flag states – Liberia and Panama voted in favor of the postponement. Of 106 yes and no votes there was a simple majority of 54 voting yes, while a further 21 member states abstained and eight were not present.

The world’s fourth and sixth largest flag states Hong Kong and China voted in favor of the adjournment with China representing both registries as Hong Kong is a Special Administrative Region of the East Asian giant. The eighth largest-flag state Bahamas also voted in favor of postponing the NZF. The world’s ninth and tenth largest flag-states, and also two of the world’s largest ship owning nations, Greece, and Japan respectively, abstained from the vote.

Of the top 10 flag states only three voted in against the adjournment. These were third largest – Marshall Islands, fifth place Singapore, and Malta which runs the seventh largest ship registry.

The low-lying Pacific archipelago of the Marshall Islands is particularly worried over the impact climate change and rising sea levels which could put much of the country underwater. The island city state of Singapore is also increasingly concerned over rising sea levels and has been active in backing maritime decarbonization including setting up the largely industry funded Global Maritime Decarbonization Centre.

While EU nations have been strongly supportive of the NZF as a bloc joining Greece in abstaining was another major shipping nation - Cyprus.

While voting in favor of the adjournment does not equal outright opposition to the NZF the fact it was backed by major flag state and ship owning nations potentially makes the process of approving the framework more difficult. Even the current requirement for tacit acceptance would be tipped against by objection of parties controlling 50% of global shipping tonnage. Should it be shifted to explicit acceptance, as there was a reported move to do at the extraordinary prior to the adjournment vote, achieving the required two-thirds acceptance level from states representing over 50% of tonnage would be even more difficult and a process that could drag on for many years.

Meanwhile the NZF will continue to face considerable opposition from the US, Saudi Arabia and other oil and gas producing states. Bahrain, Iran, Kuwait, Malaysia, Qatar, Russia, Saudi Arabia, UAE, and US were all among states that voted in favor the adjournment.

Source: seatrade-maritime.com