Submission 1 ISWG GHG 17-2-x Levy 9 Aug

Executive Summary

The Committee is required to confirm the specificity of an economic mid-term measure(s) for agreement by MEPC83, having already agreed the technical measure will comprise a goal based GFS. The emission reduction targets are set in Chapter 3 of the 2023 Strategy and the required objectives these measures are designed to meet is defined at paragraph 4.5. Additionally at 5.3,  when developing candidate mid- and long-term GHG reduction measures, due account should be taken to ensure a just and equitable transition that leaves no country behind, including supportive measures.

The co-sponsors consider that the only proposal for a combination of measures that can adequately deliver on the 2023 Strategy objectives, in particular enabling a realistic contribution to ensure a just and equitable transition, requires a universal levy on GHG emissions with a sufficiently high entry price and a simple GFS that is progressively strengthened over time as technologies and fuels come to market.

Download the full submission here.