Speaking in Indonesia at The Economist magazine’s World Ocean Summit,  Chairman of the International Chamber of Shipping (ICS) Esben Poulsson has set out what the industry would like the International Maritime Organization (IMO) to achieve as part of its CO₂ reduction strategy for the shipping sector.

He said that unless the IMO makes significant progress, the industry could be vulnerable to regional action, not only from the EU–which is considering incorporating shipping into the EU Emissions Trading System–but also from Canada or California, which have already introduced carbon pricing.

“We are confident IMO can adopt an ambitious strategy by 2018 matching the spirit of the Paris Agreement,” said Poulsson, adding that the IMO must agree to “a baseline year for peak CO₂ emissions from shipping, as well as setting out some serious long-term aspirations for dramatically cutting the sector’s total CO₂ by the middle of the century.”

ICS stresses that the IMO should adopt objectives for the entire sector, not for individual ships, and agree on a mechanism for delivery, preferably by 2023.