Class 1 (Chief Engineer) Engineering Management 📅 Aug 2024

Exam Question

(a) What are the main objectives and types of Market-Based Measures (MBMs) discussed during MEPC 81, and how do they contribute to reducing greenhouse gas emissions from international shipping? (8)

(b) Describe the implementation challenges and potential impacts on the shipping industry of the Market-Based Measures proposed in MEPC 81. How do these measures align with global climate goals? (8)

Reference Answer

### (a) Objectives, Types, and Contribution of Market-Based Measures (MBMs)
#### Main Objectives of MBMs at MEPC 81
The primary objective of Market-Based Measures (MBMs) is to create a comprehensive regulatory framework to significantly reduce Greenhouse Gas (GHG) emissions from international shipping, in recognition that technological and operational measures alone are insufficient. The key objectives are:
1. **Incentivise GHG Emission Reductions**: To create a strong financial driver for the maritime industry to lower its carbon footprint. MBMs achieve this by placing a price on GHG emissions, which serves two main functions:

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