Influence of the European Union (EU) on International Maritime Organization (IMO) about the Market-based Measures on Emissions

Market-based Measures (MBM), a catalyst for new and effective technologies, can be highly rewarding the shipping industry on its way to reach 50% decarbonization by 2050. To regulate emissions improve energy efficiency in maritime transportation industry, MBMs are focal point at decision-taking level both International Maritime Organization (IMO) European Commission (EC). EC included into Union’s (EU) existing Emission Trading Scheme (ETS). However, IMO’s scheme will functional after 2023 decision of an MBM is not finalized yet. The motivation this paper analyze viable under Initial IMO Greenhouse Gases (GHG) Strategy based their superiority evaluate influence EU’s policy implementation global industry. issues such as economic implications, feasibility, social environmental responsibilities, harmony manuscript assess success MBMs. Main concerns thoughts revolving around EU ETS; implications taxation, existence administrative body ETS, carbon leakage caused high voyage evasion delivering goods distant areas, emergence fraud-proof more secure system with body, factors ETS 16 years, full certainty reducing rather than incentives reduce emissions, monitoring reporting schemes; discussed bridge issue reasonings.