Bimco introduces carbon emission clauses
The London-based law firm HFW has supported the shipping association Bimco in drafting a series of clauses in response to strict new environmental legislation that will curb the industry's carbon emissions. The International Maritime Organisation's revised initial greenhouse gas rules will start to take effect from 1 January 2023, with the aim of reducing carbon emissions from ships by 40% from 2008 levels by 2030.
This will involve ships meeting increased technical measures to improve a ship's energy efficiency (EEXI), and ongoing operational measures to reduce a ship's carbon intensity in accordance with a carbon intensity indicator (CII) regime.
In addition, the EU is seeking to include shipping in the EU's existing emissions trading system (ETS) from 2023. In preparation for these significant regulatory changes, Bimco is currently putting together a series of what it describes as "game-changing" carbon emissions clauses for time charter parties, which seek to address the relationship between shipowners and charterers in the context of compliance with the new carbon emission regulations.
The first, Bimco's EEXI transition clause 2021, was published on 7 December and is now ready for insertion into time charter parties. (sh)
www.bimco.org/contracts-and-clauses/bimco-clauses/current/2021_eexi_transition_clause