The scheme complies with calls from China, India, Least Developed Countries (LDCs), and other countries. The concept has received political support in the IMO from around three dozen states, and led to various other proposals.
It will deliver the 4 major blocks from the Bali Roadmap in the following way:
- Mitigation --> halving emissions from international maritime transport, in longer term
- Adaptation --> reducing the gap in adaptation funding by $4bn+ annually; could be operational from 2013
- Technology Transfer & Innovation --> through a new Maritime Technology Fund
- Adequate & predictable funding --> Funds from emission levy/charge, set well in advance, by a fair formula; circa $10bn annually (from developed countries only, as developing countries are entitled to receive rebates)
Importantly, the scheme is based on solid foundation that include: