South Korea calls for periodic reviews of IMO carbon price
- South Korea says prices should be increased or lowered depending on shipping’s progress on decarbonisation
- Ships should be allowed to transfer banked surplus units to other ships in the next reporting period, it adds
- If SUs can’t be transferred, ships may use fossil fuels the next year to use up the banked credits, increasing emissions
South Korea has argued the IMO should bake in periodic reviews of the IMO’s new two-tier carbon prices, and let ships transfer surplus units to prevent perverse incentives in the green scheme
