The International Maritime Organization is close to redrawing its decarbonisation target but remains critically split over economic measures and compensation packages for developing countries.

Sources inside the IMO told TradeWinds that member states are now close to a consensus on raising decarbonisation targets as a result of behind-the-scenes negotiations this week.

Judging by the weight of statements made by member states at the environment meeting, it seems to be heading for net zero greenhouse gas emissions by 2050 — the minimum required to keep shipping in line with the Paris Agreement on climate change.