Following negotiations, the vote on the IMO Net-Zero Framework was postponed for one year. It is reminded that both Greece and Cyprus were among the 21 member states that abstained.
Within this context, the Minister of Shipping and Island Policy, Mr. Vasilis Kikilias, made the following statement:
“Shipping needs international rules acceptable to all and not punitive mechanisms. Greece, as the greatest power in global shipping, has consistently supported the IMO as the exclusive regulator of shipping rules. It raised its concerns early on about the so-called “net-zero framework,” proposing significant improvements so that it responds to the real needs and capabilities of all sectors of shipping and the reality of the global fuel market.
The negotiations that followed were arduous and highlighted serious weaknesses regarding the implementation timelines, the unfair treatment of LNG fuel, and the unjustifiably high penalties on shipping which, if adopted, would likely cause serious disruptions to global trade and increases in product prices.
The vote on the final agreement was postponed for one year, during which significant negotiations between IMO members are required, incorporating the views of the market with realism and justice. This is dictated by the need for energy security both for international shipping and for global economic development.
Greece, with its great maritime tradition, unique expertise, and the strongest fleet, will claim a significant role in these negotiations for the framework under formation.”
