Organisation: We propose establishing a multilateral Governing Organization (GO) within the UN system. The GO will be an execution organization with parameters provided for. It will be responsible for collection and disbursements services for international maritime CO2 emissions. The emission reduction goal and how the revenue is further divided will be decided by the Conference of Parties (COP). The emission charge will be set through a formula linking the emission reduction goal, emission growth and prevailing market price for carbon.
Adjustments to New Realities.

    Periodic governance mechanisms would allow for adjustment of charges and funding policy to new realities.
  • Every 4-10 years the UNFCCC in consultation with the IMO should undertake a review and potential adjustment of the emission reduction goal, and the funding priorities (this may include relative size of the mitigation, adaptation and technology funds).
  • Every year the body should undertake a market price review and setting of the new emission unit charge.
Decisions will be valid from the year after next, for the next period (4-10 years and 1 year, respectively). This approach will guarantee predictability and long-term investment signals for the industry.