What is the scope of the Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage?

The Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage (Fund Convention) is an international agreement that applies to oil pollution damage caused by ships in any waters. The Protocol was adopted in 2003 and it increases the level of compensation available in cases of oil pollution damage. The Protocol states that the maximum amount of compensation that can be paid out from the fund is 500 million Special Drawing Rights (SDRs). This means that countries can receive up to four times the amount of compensation that was previously available under the 1992 Fund Convention. The Protocol also states that countries affected by oil pollution damage must be able to access the fund quickly and easily, and that countries must cooperate to ensure the efficient use of the Fund. Additionally, the Protocol states that the Fund must be managed in such a way as to reduce the risk of similar pollution damage occurring in the future. The Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage provides a comprehensive framework for international compensation for oil pollution damage, as well as a mechanism to prevent further damage.

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What is the scope of the Protocol of 2003 to the International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage?

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