The World Shipping Council and its members have proposed to the International Maritime Organisation (IMO) and its member governments a new global vessel efficiency system, which would improve the carbon and fuel efficiency of the world's fleet and therefore reduce greenhouse gas emissions.
The proposal is for the IMO to apply vessel efficiency design standards for both new and existing vessels in the world's fleet. Newly built vessels would be subject to mandatory efficiency standards requiring new ships to be built with features and technologies that further improve the energy efficiency of the vessels to reach defined levels. These standards would be similar in nature to the fuel efficiency standards required of cars and trucks in many countries around the world today.
The standards would also be tiered with higher standards required over time as technology developments allow further improvements.
Under the Vessel Efficiency System (VES) proposal, existing vessels, like the newly built, would also be subject to improved efficiency standards. Recognising that existing vessels have more limited ability to improve efficiency, existing vessels would be subject to less aggressive standards, and these standards would be tiered over time.
Under the VES proposal, existing vessels that meet the established efficiency standards would operate free of any fees. Existing vessels that fail to meet the standards would be subject to a fee assessed for each ton of fuel consumed. Fees would be deposited into a fund managed by the IMO.