The international ocean 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 GHG emissions from vessels engaged in international shipping is delegated to the International Maritime Organization (IMO), a specialist agency of the United Nations. The Conference of Parties, the 17th session, UNFCCC (COP17) will discuss a framework for combating global warming to succeed the Kyoto Protocol in December 2011.

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.