World shipping nations have agreed to introduce the industry’s first emissions tax to curb greenhouse gas output.
The International Maritime Organization (IMO) says many of the world’s largest shipping nations have agreed to what amounts to the industry’s first global tax on greenhouse gas emissions.
At a meeting in London, they approved a minimum fee of $100 per ton of greenhouse gases emitted by cargo ships above certain thresholds.
Set to take effect in 2027, the agreement requires cargo ships to adopt less carbon-intensive fuels or face financial penalties.
The European Union, Brazil, China, India, and Japan supported the deal, while major oil producers Russia, the United Arab Emirates, and Saudi Arabia voted against it. The United States abstained.
Shipping is responsible for nearly 3% of global greenhouse gas emissions, according to the IMO. Revenue from the fees, expected to reach around $10 billion a year, will go into the IMO’s net zero fund to support investment in greener fuels and technologies for the shipping sector.
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