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Oxfam is calling for government officials and shipping experts of the IMO to consider measures to reduce uncapped and rising shipping emissions, while at the same time raising more than $10 billion per year in new climate cash through the auctioning of emission permits.

The announcement comes on the day the Marine Environment Protection Committee (MEPC) of the International Maritime Organization (IMO) meets for its 61st session from 27 September to 1 October, 2010 at the IMO Headquarters in London.

As this week's meeting, the committee is expected to discuss market-based measures, including the possible development of a mandatory IMO instrument.

The MEPC will have before it for consideration the outcome of a feasibility study and impact assessment of a number of proposed market-based measures.

The committee will also consider the issue of a reduction target and whether the international maritime sector should be subject to an explicit emission ceiling (cap) comprising the entire world fleet of merchant vessels.

Tim Gore, Oxfam’s EU climate change policy advisor said, “This is a unique opportunity for shipping to become less of a source and more of a solution to the climate crisis. The industry could give vulnerable communities a significant helping hand in the fight against climate change by both controlling a rising source of global greenhouse gas emissions and generating desperately needed cash so they can cope with its devastating effects.

“Shipping plays a vital role in keeping the wheels of global trade moving. The International Maritime Organisation could implement a fair scheme to control emissions, that won’t penalise trade from developing countries and will provide some of the vital resources needed to tackle climate change,” added Gore.