Executive Summary

In support of document ISWG-GHG 18/2/5 (Austria et al.), this document elaborates on rationale in support of Option 1 in paragraph 9, regulation X [Distribution of revenue] as set out in annex to document ISWG-GHG 18/2/5, and explains how revenue disbursement purposes, as set out in this option, are required to achieve the goals and objectives of the 2023 IMO GHG Strategy, including ensuring a just and equitable transition (JET) that leaves no Member State, and no seafarer behind. These purposes are vitally necessary and must also be determined by their ability to ensure a JET which recognizes and addresses disproportionate negative impacts, as well as climate impacts on the most climate vulnerable Member States, and that the maritime workforce, including seafarers, receives the support required so that the transition to phase out GHG emissions is truly global in nature.