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flag Australia backs UN carbon pricing for shipping, defying U.S. opposition.

flag Australia will back a UN-backed international carbon pricing scheme for shipping, defying U.S. opposition and threats of tariffs or visa restrictions. flag The plan, aimed at reducing the sector’s 3% share of global emissions, requires ships to buy carbon credits, with revenues potentially reaching $12 billion annually by 2030. flag Despite U.S. claims the policy raises shipping costs by 10% and harms American interests, Australia says the move supports its climate goals, including a $23 billion green industrial fund and a $1 billion green fuel strategy. flag The decision also bolsters Australia’s bid to co-host COP26.

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