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The Taskforce for Maritime Emission Markets (TMEM) is a private sector-lead initiative focusing on developing and implementing frameworks that enable maritime GHG emission reduction – primarily but not limited to CO2 – through the creation of incentives to invest in carbon abating technology.

See below

Taskforce members believe that CO2 (and equivalent) markets can enable such incentive structures, increasing additionality, and that regulated regional solutions must be synchonised with a single global system in order to spread the costs of carbon carriage amongst its beneficiaries amicably across the supply chain.   

The Taskforce is comprised of stakeholders from across the shipping value chain, including tonnage providers, owner-operators, charterers, shipbrokers and innovation specialists, all of whom collectively link producers and manufacturers to end consumers.

As international trade flows increase, demand for shipping services will grow, which will in turn increase the importance of sustainability opportunities and constraints. With carbon taxes and trading systems being both discussed and implemented, the Taskforce aims to work with carbon market infrastructure providers and those parties within the supply chain to create a shipping emissions market consistent with the industry emission reduction costs.    

Initial project

Value Chain Derived Shipping Carbon Unit (SCU)

The costs of shipping market CO2 abatement measures vary based on type of carbon saving device or retrofit. These technical add-ons are not priced in terms of CO2, meaning that the implied CO2 abatement cost is more related to the cost of materials and labour.

The way to bring these costs down and to increase technological penetration is through increased supply and manufacturer scale economies.

The voluntary carbon markets represent a good first step towards fully developing a system, but their ‘offsetting’, cross-industry bias originating mainly from forestry projects has drawn criticism given the perception of possible delays to direct carbon reduction implementation within the industry of the offset buyer. 

Further, the low CO2 prices generated from such units vs both compliant markets and estimated real carbon abatement incentives has persistently proved challenging.     

What is a Carbon inset?

Unlike carbon offsets, that are typically bought cross-industry, insets are derived from and consumed within the same value chain.

The values ascribed to industry specific carbon units by those outside the value chain in question will likely diverge meaningfully from those within it. This calls for an industry specific set of buyers who are committed to decarbonising their own supply chains.  

Taskforce signatories agree that the price level of the shipping carbon unit should be more in line with the needs and challenges of real CO2 reduction within the shipping industry. To increase system-wide fungibility, baseline trajectories will seek to be in line with those of the more ambitious signatories of the Paris agreement.