IMO 2020 May Only Be A Beginning -Reinforcement of Maritime Environmental Regulations and Its Impact on Oil & Gas Industry

Abstract

Summary In 2016, the IMO has decided that the global fuel Sulphur limit of 0.50% on marine fuel oil would enter into force on 1 January 2020 ("IMO 2020 Global Sulphur Cap"). It is one of the biggest challenges for the marine industry that it had experienced in the modern era for its magnitude and urgency. Then in 2018, the IMO adopted an initial strategy of the reduction of greenhouse gas emission from international shipping in 2018 ("IMO GHG Initial Strategy"). It is a landmark decision by the IMO as it envisions a reduction gross greenhouse gas emission from international shipping and phase them out entirely for the first time. The IMO GHG Initial Strategy is not imminent comparing with the IMO 2020 Global Sulphur Cap, but it would be more serious and strenuous for its technical difficulties or practicability. By this presentation, we are going to describe where we are and where we are headed as to this topic by illustrating history and background, on-going discussions and trend on incremental reinforcement of environmental restriction in the maritime sector, possible options and solutions and those innovation gaps and so on.