Isle of Man Ship Registry to support maritime decarbonisation push by becoming first flag state in the world to offer reduced fees for ‘greener’ vessels. Tony McDonough reports
Ships owners installing green technology on their vessels can now register them in the Isle of Man and secure a 15% reduction in registration fees.
The Isle of Man Ship Registry (IOMSR) is set to become the first flag state in the world to incentivise ship owners to decarbonise. It is available to operators of cargo ships, commercial yachts or passenger ships which are investing in biofuel, alternative fuels, wind, or shore-side energy technology.
It forms part of the Isle of Man Government’s Merchant Shipping (Fees) Regulations 2022, which will be submitted to Tynwald, the legislature of the Isle of Man, for approval at its sitting in March 2022. The regulations set out the IOMSR fees from April 1, 2022.
Cameron Mitchell, director of the IOMSR, said: “The IOMSR is a progressive flag state and we are looking at ambitious ways to take action on the decarbonisation agenda that make a difference.
“There is so much debate in the sector regarding which alternative fuels will be best in the future which conversely can create confusion and delay innovation. We want to jump start work in this area with this new green registration fee.
“If you are a shipping line making steps towards hitting IMO Greenhouse Gas (GHG) emissions targets, the Isle of Man flag will reward you. We want to welcome more new, greener ships to our fleet.”
The move to offer immediate financial incentives for green technology vessels follows on from the IOMSR becoming the first flag state to join the ‘Getting to Zero Coalition’ in 2020. The coalition’s core aim is to hit the IMO’s 2050 target to develop commercially viable, deep-sea zero-emission vessels by 2030.
Isle of Man Minister for Enterprise, Dr Alex Allinson, added: “The Isle of Man Government has made a clear commitment to sustainability as outlined across our strategic objectives within the island plan.
“Initiatives such as these contribute to our wider decarbonisation agenda, as well as demonstrating our commitment to innovation and building a world class ship registry. I am proud that we are the first flag to introduce this incentive and look forward to seeing more initiatives like these in the future.”