Why is the 2021 CVF Pacific Regional Communiqué important to recall ahead of MEPC 79 & 80?
Over the next 12 months, GHG emissions reduction negotiations at IMO will determine whether this major emitting sector will finally set 1.5 agenda compatible targets and agree an immediate ambitious price on all GHG emissions. As importantly, we will learn whether the inevitable transition to a decarbonised industry will seek to enable an equitable transition path for all. The acid test for this will be the decisions reached on whether the GHG price will be extracted under the Principe of Polluter Pays, i.e. the originator of the environmental damage is responsible for making adequate compensation for their actions, and if so, how the considerable revenues that accrue are dispersed. What will be spent in-sector, what out-of-sector? What goes to powering a successful sectorial transition and what goes to ensuring no state is really left behind? How much for subsidizing a high polluting private sector to stop polluting by changing their behavior and how much to the victims of the