MMMCZCS survey reveals urgency for action on decarbonization

To better understand how the delay has affected industry sentiment and investment behaviour, the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping (MMMCZCS) conducted a survey of stakeholders across the maritime sector.

Postponement seems to weaken investment signal

Respondents were asked to rate the significance of the delay’s impact on current or planned investments. The figure below shows that 64 respondents (44%) rated this impact as ‘high’ or ‘very high’.

Perhaps unsurprisingly, the reported impacts were highest for shipping companies (including both shipowners and charterers) and fuel producers. A majority of respondents in both these groups rated the impact as ‘high’ or ‘very high’.

Notably, over one-third (36%) of respondents who identified themselves as fuel producers described the impact of the postponement on investment as ‘very high’.

The offtakers who were waiting for NZF adoption to make even a non-binding commitment for fuel purchases have withdrawn from discussions,” said one comment on the survey. Offtake contracts are often necessary for fuel producers to secure financing and break ground on their projects. When clear demand is unavailable, even subsidized supply may fail to translate into contracts between buyers and sellers.

Conversely, investment cases that don’t rely on offtake agreements appear to still make sense for some companies.

A sense of urgency

Looking at the broader commercial environment, these impacts of the IMO NZF delay come in the context of some high-profile ‘backsliding’ on companies’ climate commitments. Within our survey sample, respondents across the value chain were largely aligned on the need to continue advancing maritime decarbonization.

As the figure above shows, 70% of respondents reported a ‘high’ or ‘very high’ sense of urgency for accelerated decarbonization, despite the delay. This sentiment was particularly strong among technology providers, fuel producers, and shipping operators.

However, since the question was framed in terms of ‘industry stakeholders’ in general, responses may reflect participants’ personal opinions rather than formal organizational positions.

When urgency and impact are considered together, the 70% of respondents reporting high urgency are roughly evenly split between those experiencing high impact and those reporting medium or low impact from the postponement.

Around one-third of respondents express a strong sense of urgency despite little or no effect on investment (lower right quadrant). This group may represent “first movers” who plan to advance investments regardless of uncertainty at the IMO.

Comments from the survey also indicate that respondents view the IMO NZF, and regulation more broadly, as a critical component of achieving decarbonization goals. Without a demand signal from global regulation supporting investment in low-emission fuels and technologies, even highly motivated actors may struggle to translate ambition into action.

The regulatory framework is dictating the speed of the energy transition in the maritime sector now, one respondent wrote. With no clear framework in place, no major changes will happen.

The IMO NZF aims to drive investment in shipping’s decarbonization, with the 2023 IMO GHG Strategy emphasizing that policy measures should incentivize the energy transition across the global fleet.

Survey responses suggest that some investments have been delayed or withdrawn following the framework’s postponed adoption, highlighting both the impact of the delay and the potential for the approved framework to stimulate needed investments.

Respondents also expressed concern that further delays could result in a fragmented regulatory landscape, with regional regulations acting as partial backstops but adding complexity and costs.

Decarbonization of global shipping is already underway despite delays in adopting the IMO’s proposed Net-Zero Framework, according to IMO Secretary-General Arsenio Dominguez. The IMO’s Marine Environment Protection Committee (MEPC 84) will meet in London from April 27 to May 1, 2026, with further discussions on the framework expected later in the year.

To remind, a broad coalition of maritime industry organizations has formally called on IMO Member States to adopt the Net-Zero Framework in 2026, describing it as a decisive step toward eliminating greenhouse gas emissions from shipping by or around 2050. The statement is supported by 87 signatories.