Share this article Several of the world’s major shipping organizations are calling on world leaders to urgently examine the role of so-called market-based measures (MBMs) to ensure ambitious decarbonization targets are met across the entire global shipping industry. The call comes ahead of President Biden’s Leaders’ Summit on Climate (set for April 22-23), seen as a vital precursor to COP26 and the IMO’s Marine Environment Protection Committee (MEPC). Shipping bodies including BIMCO, Cruise Lines International Association, International Chamber of Shipping, World Shipping Council, along with other industry groups, have submitted a proposal to the International Maritime Organization (IMO) calling for the UN’s maritime regulatory body to bring forward discussions around MBMs by several years. These measures will be critical to incentives the transition of the global fleet to new fuels and technologies, which will be more expensive than those in use today, according to the groups.