Company: TEN-PE
Filing Date: 2025-04-11
Form Type: 20-F
Source: 0001193125-25-079101
Chunk: 92

Company: TSAKOS ENERGY NAVIGATION LTD
Filing Date: 2025-04-11
Form: 20-F
Item: Item 4
Chunk 92
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 February 2025, 195 of the 198 parties to the Paris Agreement have ratified it. On June 1, 2017, the U. S. President announced that the U. S. intended to withdraw from the Paris Agreement. On November 4, 2019, the U. S. submitted formal notification of its withdrawal from the Paris Agreement, which took effect on November 4, 2020. On February 19, 2021, the U. S. re-entered the Paris Agreement. On 20 January 2025, the U. S. President signed an Executive Order recommencing withdrawal of the United States from any commitment made under the UNFCCC (including the Paris Agreement). Under the Paris Agreement the United States' withdrawal will become effective one year from notification by the US Ambassador to the United States (or at a later date specified in the withdrawal notice). With growing pressure being placed on the IMO to implement measures to aid the objectives agreed at the COP 21, the shipping industry has been subject to further regulation as a result of COP 21 and subsequent COP meetings. This has included initiatives from both the shipping industry and national governments, such as the Call to Action for Shipping Decarbonization (which more than 200 companies has signed), the Clydebank Declaration for Green Shipping Corridors (signed by over 20 countries) and the proposal from the International Chamber of Shipping for an IMO Maritime Research Fund to invest in research and development of zero-carbon technologies for ships.

  vi.      United Nations Framework Convention on Climate Change (UNFCCC) Conference of the Parties (COP)  
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COP27 held in Egypt in November 2022 was the last COP before the IMO's MEPC met in December 2022 for its 79thsession and before it met in Spring 2023 to decide its final GHG emissions strategy (see below). Prior to this, in April 2018 the MEPC adopted an initial strategy on the reduction of GHG emissions from ships. The initial strategy aims to reduce the total GHG emissions from ships, based upon emissions in 2008, by at least 50% by 2050, while at the same time pursuing efforts towards phasing them out entirely. In keeping with IMO’s initial strategy, IMO committed to having in place by 2023 short-term measures (such as the EEXI, CII rating and enhanced SE