Regulatory Acceleration
With much of 2022 being focused on the fallout of the invasion of Ukraine and the major reorientation of global oil trade, it is easy to overlook the important environmental and regulatory developments that are putting the industry on a potentially accelerated decarbonization pathway. This growing momentum should take a central role in 2023, with the IMO’s Carbon Intensity Indicator (CII) and Energy Efficiency Existing Ship Index (EEXI) regulations having already kickstarted proceedings on the 1st January after much criticism and debate. Whilst CII is initially focused on data collection with the initial ratings not coming out until next year, it signals that the process of achieving net zero has begun. There is increasing support for stricter emissions reduction targets at the IMO from a growing number of member states, but this is yet to be finalized. This regulatory pressure is only likely to continue gathering pace with important implications for the shipping industry in terms of both future commercial and investment decisions.
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