INTERTANKO has warned that if the IMO decides to include Market-Based Instruments (MBIs) in its Greenhouse Gases (GHG) regulatory package then it is essential that it is governed by the IMO and specific to the shipping industry.

It should also be environmentally sustainable without negative impact on global trade and growth and should be effective in contributing to the reduction of total GHG emissions. It should also be efficient and credible in respect of enforcement and monitoring.

A meeting of the INTERTANKO Council in Tokyo called on the association to continue to work on the refinement of the Energy Efficiency Design Index and of the Energy Efficiency Operational Indicator and Ship Efficiency Management Plans. It said it should include the GHG Best Practices as an INTERTANKO best practice document and develop the necessary guidelines to assist members in implementing the measures listed.

It said INTERTANKO should keep an open mind regarding further developments of all suggested market-based mechanisms, although members stated a preference for a system built around fuel usage, and a system that does not disadvantage those who have already invested in GHG reducing measures.

INTERTANKO said in a statement: “We will be encouraging the application by the industry of the Design Index as a tool to ensure the GHG efficiency of new ships and the Operational Indicator as a tool for stakeholders to use for the efficient GHG operation of ships in service. We will therefore be working with builders, engine manufacturers and designers on the former and with charterers, port and terminal bodies and others on the latter.”