The IMO is contemplating a levy on shipping companies not reducing their GHG emissions sufficiently, with Pacific Island nations proposing a $100 per-tonne-of-CO2 charge starting in 2025, though the introduction of a levy is unlikely before 2027.
- Jul 18, 2023, 1:00 PM CDT
Climate activists criticize the agreed targets as insufficient for meeting Paris Agreement climate pledges and limiting global heating.The International Maritime Organisation hopes to introduce a levy on shipping companies that do not reduce their greenhouse gas emissions in line with expectations. Several maritime nations are in support of this effort, including Denmark and the Marshall Islands.
Pacific Island nations have proposed a $100 per-tonne-of-CO2 charge to shipping companies starting in 2025. They suggested that the revenues should be used for countries facing extreme weather events due to climate change, as well as low-carbon shipping technologies. The Marshall Islands' envoy Albon Ishoda , “The Pacific is pushing for a majority of the revenue to support the most climate vulnerable in responding to climate change.
At the IMO meeting earlier this month, discussions about the introduction of a maritime levy were delayed, although an agreement was achieved over a GHG reduction goal for international shipping. Two weeks of talked culminated in an agreement with the aim of cutting the carbon intensity of international shipping by 40 percent by the end of the decade compared with 2008 levels. This figure relates to the emissions produced per cargo and distance travelled.
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