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 is an agreement that was created by countries around the world to provide compensation for oil-related damage that occurs in their waters. The Protocol is applicable to the Marine Environment of the North Atlantic, the Caribbean Sea, and the Gulf of Mexico. It is designed to ensure that those who cause damage to the marine environment through the use of tankers, pipelines, or other vessels, are held accountable and pay for the environmental costs of that damage. The scope of this Protocol is to create an International Fund that is used to financially compensate those who are impacted by oil pollution damage. This Fund will be paid into from a number of sources, including international oil companies, insurance companies, and governments of countries that are signed up to the Protocol. The amount of the Fund will be determined by the amount of oil pollution damage that has occurred and the cost of cleaning up the area impacted. The Protocol also outlines a set of standards and guidelines for assessing the damage, determining the level of financial compensation that is needed, and administering the Fund. This includes guidelines for determining the liability of the polluter, enforcement procedures, and dispute resolution mechanisms. It is important to note that the Protocol is applicable to all countries that are signed on, including the United States and Canada. This means that these countries are responsible for abiding by the terms of the Protocol and contributing to the International Fund as required.

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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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