IMO Approves World's First-Ever Global Carbon Tax on Shipping
On 11th April 2025, the International Maritime Organization (IMO) approved the world's first global carbon tax on the shipping industry, aiming to reduce greenhouse gas emissions and promote cleaner technologies.
Key Points
- Global Carbon Tax: Starting 2028, ships must switch to cleaner fuels or pay a fee based on their emissions, potentially generating up to $40 billion by 2030.
- Support and Opposition: 63 countries, including India, China, and Brazil, voted in favour, while oil-rich nations like Saudi Arabia, the UAE, and Russia opposed the deal.
- Emission Reduction Goal: The tax is expected to reduce shipping emissions by 10% by 2030, far below ....
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