The shipping business operates all over the world. Furthermore, because this is a single international market, it makes sense that, in principle, all environment-related measures must apply the same standard to all sea areas and vessels.
For this reason, under the Kyoto Protocol, the approach to reduction of greenhouse gas (GHG) emissions from vessels engaged in international shipping is delegated to the International Maritime Organization (IMO), a specialist agency of the United Nations. From January 2013, all ocean-going vessels worldwide, including existing vessels, will be obliged to have a "Ship Energy Efficiency Management Plan," and new energy efficiency regulations will govern new vessels.
MOL will continue to contribute to initiatives of industry groups and governments to create a framework, through the IMO, that leads to substantial reductions in GHGs from international shipping. Based on the nine fundamental principles of the IMO, the framework should be "binding and equally applicable to all flag states in order to avoid evasion" and "based on sustainable environmental development without penalizing global trade and growth," among other conditions.