The International Chamber of Shipping (ICS) has expressed disappointment over the failure of International Maritime Organization (IMO) member states to reach an agreement on the proposed Net-Zero Framework for the shipping industry, following the conclusion of the IMO’s Extraordinary Session of the Marine Environment Protection Committee (MEPC) in London.

The proposed framework aimed to establish the first global carbon pricing mechanism for any industrial sector, setting a clear path for the maritime industry’s transition to net zero emissions.

Thomas A. Kazakos, Secretary General of ICS, said, “We are disappointed that member states have not been able to agree a way forward at this meeting. Industry needs clarity to be able to make the investments needed to decarbonise the maritime sector, in line with the goals set out in the IMO GHG strategy.”

Kazakos reiterated the industry's commitment to work with the IMO, stating that it remains the most effective body to develop the global regulations required for a global industry.