47 countries, including EU, Canada, and Japan, support proposals to impose a fee on greenhouse gas emissions in international shipping, aiming to raise over $80bn annually for low-carbon fuels and transition support.
47 countries including the EU, Canada, Japan and climate-vulnerable Pacific Island states are supporting proposals to impose a fee on greenhouse gas emissions in the international shipping sector. The International Maritime Organisation (IMO) is discussing four proposals that aim to impose a fee on each tonne of greenhouse gas produced by the industry, which could raise over $80 billion annually to fund low-carbon shipping fuels and support poorer countries in transitioning. The IMO has a target of a 20% emissions reduction by 2030 and net-zero emissions by 2050. However, China and Brazil oppose the fee, arguing that it would penalize trade-reliant emerging economies.
March 17, 2024
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