Implementing a global 0.5 per cent sulphur cap on marine fuels in 2020 is “technically and commercially feasible,” said BP Shipping vice president chartering and commercial operations Natalie Costello, today (16 November). “In the context of encouraging greener shipping, we cannot underestimate the impact” of that decision, she said.

Addressing delegates at the annual Tanker Shipping & Trade conference, she said BP had long held this view “so long as ample lead time and certainty were provided to enable investment decisions to take place.” As a result, “we welcome the decision that IMO has made and will work with the industry to address the implementation challenges including monitoring to smooth the transition,” she said.

BP also welcomes the development of a global mechanism that will lead to a carbon price for the shipping industry, she added, but said there must be safeguards. “Governments must provide a clear, stable and effective framework.” That will allow companies “to provide and use energy competitively and limit greenhouse gases,” she said, making “energy efficiency more attractive and lower-carbon energy sources more cost competitive.”