World’s First-Ever Global Carbon Emissions Tax in the Shipping Sector Inches Closer To Reality
IMO held the latest round of talks to discuss how to regulate the emissions from the maritime sector, which accounts for three percent of global carbon emissions.
34 nations supported a global greenhouse gas price, a major rise in support compared to the previous discussions held in 2023.
Campaigners played a major role in supporting this policy, and it seems the measure will be adopted by IMO in 2025.
The policy, supported by 175 nations, aims to cut emissions from the shipping industry by 30% by 2023, 70% by 2040, and net 0 by the middle of the century.
To achieve the above-mentioned results, IMO agreed to implement an emissions price from next year to close the gap between traditional fuels and cleaner, greener energy sources.
It will use the revenue produced to enable a smooth and equitable transition to greener and cleaner fuels and technology.
Belize and some Pacific Island States proposed a levy of $150 per ton of carbon at the talks, which campaigners called the most ambitious proposal.