The International Maritime Organization has agreed to impose a minimum fee of $100 for every ton of greenhouse gases emitted by ships above certain thresholds. This move is seen as the first global tax on greenhouse gas emissions and aims to reduce shipping emissions.
The agreement is expected to generate $11 billion to $13 billion in revenue annually, which will be used to invest in green shipping and support developing countries in their transition to cleaner fuels. The measure is set to take effect in 2027 and is a step towards the organization’s goal of net zero emissions by 2050.