The Union of Greek Shipowners (UGS) has issued an official statement expressing concern over the recent approval of the IMO Net Zero Framework for reducing greenhouse gas (GHG) emissions.

UGS stated that there are serious concerns about the feasibility of the targets set, especially since this agreement was passed by a narrow majority of 63 member-states, with several countries expressing reservations.

In this context, UGS President Ms. Melina Travlos stated: “We welcome, among other, the recognition of the “polluter pays” principle and the transfer of the compliance costs to the commercial operator of the ship.

However, the fact that the agreement does not acknowledge the vital role of transitional fuels, such as LNG, and treats them in an unfair way, undermines pertinent investments and the industry’s efforts to decarbonize.

Despite these challenges, Greek shipping remains fully committed to being at the forefront in the industry’s transition to decarbonization, through viable, fit-for-purpose, but realistic global solutions.”