IOPC Funds Is Now 40!
The International Oil Pollution Compensation Funds (IOPC) have provided help in 150 oil spill incidents since its inception in 1978. Denmark has been a member of these crucial organisations since the beginning.
According to a release from Danish Maritime Authority (DMA), IOPC-funds began with the Torrey Canyon oil spill disaster in 1967, which clearly demonstrated the need for an effective international regime to pay for the massive damage caused by major oil spills.
Director, Maritime Regulation and Legal Affairs in the DMA, Kristina Ravn, said: “Oil spills occur from time to time and that’s why the IOPC-funds remain important, ensuring due compensation for the victims. Today is a celebration of 40 years of successful international cooperation, and we are proud to be part of this work.”
The IOPC-funds are financed by contributions from organisations receiving major oil shipments by sea in ports and terminals located in the IOPC member states.
"The IOPC Funds is a unique organisation, which brings governments, shipowners and the oil industry together to protect victims of oil pollution damage. In doing so it has dealt with some 150 incidents and has continued to grow in membership, with the 1992 Fund now counting 115 States as Members. The international liability and compensation regime has also developed and successfully adapted as necessary to new challenges presented by major oil pollution incidents over the past 40 years," said a statement from IOPC Funds.
To mark this special anniversary a celebratory session and reception was held on Tuesday, 30 October meeting of the IOPC Funds' governing bodies.