The First Worldwide Levy on Shipping’s Greenhouse Gas Emissions is Agreed Upon by Major Governments

In what is essentially the first worldwide tax on greenhouse gas emissions, some of the biggest maritime nations in the world agreed on Friday to levy a minimum fee of $100 for each ton of carbon dioxide released by ships, provided that their planet-heating emissions are not already taken into consideration. The fee will be assessed if countries’ ships fail to fulfill their compliance objective and have not contributed sufficiently to the International Maritime Organization’s net zero fund.

With the United States conspicuously missing, members of the International Maritime Organization came to an accord that would take effect by 2028. In order to introduce cleaner fuels gradually, the group also established a maritime fuel standard.

According to the UN, shipping-related emissions have risen over the past 10 years to around 3% of global emissions. Larger ships carry more goods on each journey and consume massive quantities of fuel.

At the conclusion, IMO Secretary-General Arsenio Dominguez stated that despite the difficult obstacles to modernize shipping and fight climate change, the group managed to reach a significant consensus.

Delegates adopted a plan on Thursday to define an emissions control region in the Northeast Atlantic Ocean. To cut down on pollution, ships passing through the region will need to adhere to stricter regulations regarding fuels and engines.

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