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The European Community Shipowners' Associations (ECSA) said on Monday that the region's shipowners "strongly believe" that IMO's environmental committee, MEPC, can agree on an "ambitious" CO2 reduction strategy by the end of this week, building on the results of the meeting of the intersessional working group of last week.

Additionally, ECSA suggested that European governments could the driving force that helps to push through an agreement that "strikes the right balance" between member states.

The ECSA also argued that a deal based on the "ambitious" European approach - which involves taking into account concerns of developing countries and nations threatened by rising sea levels - is both "possible and necessary".

Commenting on negotiations this week, the Belgium-headquartered organization commented: "Realising that governments have to take and give during the negotiations, which will not be easy and requires courage to do, ECSA is confident that ultimately all governments will realise that a deal has to be made."

"If an initial strategy is agreed upon, this will give a clear and much wanted signal to the shipping industry and all other organisations in the maritime cluster to move full speed ahead to a fully decarbonised shipping industry as soon as possible," ECSA added.

Discussing the measures that would need to be taken to reach its preferred goals, ECSA stressed that alternative low carbon or carbon-free fuels, alternative propulsion systems and operational measures would be "absolutely necessary".

Additionally, ECSA said public funding would be needed for research and development, and government measures could be taken to speed up developments - such as supporting first movers and adapting or introducing legislation to accommodate new concepts.

In order to prevent mistakes from occurring, ECSA noted that other CO2 emission reduction measures should be introduced and implemented after an extensive assessment has first been carried out.