The 72^nd Session of the International Maritime Organisation’s (IMO) Marine Environment Protection Committee (MEPC) was held from 9 to 13 April 2018 in London. During this Session, and within the framework of the 2015 Paris Agreement on the global reduction of greenhouse gas (GHG) emissions, the IMO developed its initial strategy to cut greenhouse gas emissions from ships as a “first step” towards decarbonising the International Shipping Industry as soon as possible within this century. The IMO Member-States agreed ambitious initial objectives such as a reduction of at least 50% of GHG emissions by 2050, as compared with 2008, as well as energy efficiency improvements of at least 40% by 2030, pursuing efforts towards 70% by 2050, as compared to 2008.

The Cyprus Shipping Chamber welcomes the IMO's decision to further reduce the global footprint of the Shipping Industry, although Shipping is the “greenest” transportation means for goods, while serving 90% of world trade. The Cyprus Shipping Chamber will work towards achieving the objectives set by the IMO, in cooperation with the Deputy Ministry of Shipping and all the Cyprus Shipping stakeholders.

The IMO decision sets an important milestone for the International Shipping Industry. The Cyprus Shipping Chamber urges that the measures to meet the set targets, need to be implemented in a way that guarantees global safety and trade, while minimising their potential impact on the growing world economy and international trade.

In addition, the Cyprus Shipping Chamber believes that the IMO has, once again, proven that it can regulate International Shipping. In this respect, the Chamber reiterates that regional measures that affect competitiveness or create further problems in the operation of ships, in different regions of the world, should be avoided.

The Cyprus Shipping Chamber participated in the deliberations of the IMO meeting as part of the Deputy Ministry of Shipping delegation. To this end, the Chamber expresses its appreciation to the Deputy Ministry for the close collaboration and the positive attitude it maintained during the meeting towards the IMO achieving an agreement on this crucial matter.