Shipping emissions have grown over the last decade to about 3% of the global total as vessels have gotten bigger – Image: Yu Fangping/Avalon/photoshot/picture alliance
From 2027, all ships are required to use less CO2 emitting fuels, or face penalties. It is aimed at forcing the industry to lower its carbon footprint and not everyone is happy with the deal.
Many of the world’s largest shipping nations agreed on Friday to what is effectively the first-ever global tax on greenhouse gas emissions for the industry, the International Maritime Organization (IMO) said.
At a meeting in London, they decided to impose a minimum fee of $100 for every ton of greenhouse gases emitted by cargo ships above certain thresholds.
The European Union (EU), Brazil, China, India, and Japan all voted in favor of the agreement. Major oil producers, Russia, the United Arab Emirates, and Saudi Arabia voted against it, while the United States abstained from voting.
Shipping accounts for almost 3% of global greenhouse gas emissions, according to the IMO.
How will global pricing help curb maritime emissions?
Most of the world’s 100,000 cargo ships are still powered by highly polluting diesel.
The agreement, set to be implemented by 2027, requires cargo ships to use a less carbon-intensive fuel mix or face financial penalties.
The revenue from the fees, estimated at around $10 billion annually, will go into the IMO’s net zero fund to invest in fuels and technologies needed to transition to green shipping.
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