Global Shipowners Warn: Net-Zero Framework Could Bring Excessive Costs
The Net-Zero Framework (NZF) proposed by the International Maritime Organization (IMO) to achieve net-zero emissions by 2050 has sparked intense debate across the global maritime industry.
Set to be voted on in October, the plan faces strong opposition from major industry players including John Fredriksen’s Frontline, George Economou’s TMS Group, Evangelos Marinakis’s Capital Maritime & Trading, and Saudi Arabia’s Bahri. These companies argue that the framework, in its current form, would impose excessive financial burdens on the shipping sector and consumers.
The United States has also firmly opposed the plan, and warnings from several classification societies have further strengthened the resistance.
The NZF proposes the introduction of carbon pricing starting in 2027. However, critics emphasize that green fuels are not yet globally accessible, and that LNG and biofuels should be more actively supported as transitional alternatives.
Christopher Wiernicki, Chairman of the American Bureau of Shipping (ABS), stated that reaching net-zero by 2050 is “a possibility,” but not a certainty.
Meanwhile, over 180 companies under the Getting to Zero Coalition have called for the plan’s adoption, warning that ongoing uncertainty could jeopardize billions of dollars in investment.
The International Association of Ports and Harbors also stressed that failure to adopt the framework would make IMO’s climate goals unachievable.
To pass, the proposal will require support from 108 of the IMO’s 176 member states during the extraordinary meeting scheduled for October. Experts note that a formal vote, rarely seen in IMO proceedings, is likely this time.
