This briefing confirms that a separate legal instrument is not necessary to establish an economic measure at the IMO in the context of ongoing discussions. The International Oil Pollution Compensation Funds (IOPC Funds) do not set a precedent for the creation of a new convention as their structure was a function of a very different historical context, purpose, and legal environment. Today, Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL) provides a legally sound and operationally feasible framework for implementing economic measures that support the IMO’s GHG reduction goals.

This briefing builds on previous work on the legal implications of the IMO’s mid-term measures, including a 2018 publication by Aoife O’Leary and Jennifer Brown, and a 2024 publication by Blánaid Sheeran. Please reference for further information.