World Shipping Nations Consider First Global Carbon Tax
International Maritime Organization members debate a carbon tax for shipping emissions, aiming for a net-zero future by 2050 and responding to climate change concerns.
Summary
As the International Maritime Organization convenes, 174 nations, excluding the US, may agree on the world's first shipping carbon tax amidst ongoing negotiations. Environmental goals include reaching net-zero emissions by around 2050. Contention surrounds tax implementation, with over 60 countries advocating for a metric ton-based tax, while others favor a credit trading model. The US has opposed the measures, citing economic repercussions. The decisions made could be formally adopted in October and implemented by 2027, highlighting urgent actions needed for decarbonization in the maritime sector.
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TIME Magazine·1M· "…Failing to deliver significant progress on decarbonization is simply not an option for the maritime industry."