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INCREASING C02 regulation could become market-critical to a vessel's access to capital, cargo and ports, thereby risking its ability to trade if its carbon credentials are not up to scratch, says Nick Austin, shipping partner in the Pittsburgh-based global law firm Reed Smith.
"Operating successfully to meet the demands of the market, governments and regulators in this new environment will surely require a sharper focus on transparency. That at least is clear," he said.
"Huge shifts are taking place in the way shipping's impact on the environment is measured, reported and controlled," said Mr Austin, reports All About Shipping UK.
"As the myriad challenges of decarbonisation continue to dominate the long-term conversation in the shipping sector, as revealed in the latest GMF survey, a broader requirement of transparency is emerging which may produce even greater change," he said.
"Accountability to corporate stakeholders, charterers, counterparties, governments and the public generally for reducing emissions is increasingly in demand," he said.
"No more so than by the industry's regulators. The IMO's imminent EEXI and CII regimes, which will require vessels to comply with benchmarks in efficient design and report an annual (and ever tightening) A-E rating for CO2 emissions, are just one example of a trend to more transparent monitoring and reporting," Mr Austin said.
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