New Delhi: India joined 62 other countries to agree first in the world Global carbon tax To deal with greenhouse gas emissions in the sector by bringing commercial shipping under this mechanism. Under the agreement, ship owners will need to use cleaner fuel or face penalty starting from 2028.
Currently shipping is responsible for 3% of global emissions. Since the region is not covered under the Paris Agreement, the legally binding deal for the overall ‘Net-Geiro’ goal is a significant development on the legally binding deal on shipping to deal with emissions.
After voting in the United Nations International Maritime Organization (IMO) in London late Friday night, countries agreed to the global structure. After about 10 years of talks, this agreement is to pour carbon value on shipping emissions. This is expected to help the sector decarbonies and encourage the use of cleaner technologies.
Voting
Do you support the implementation of a global carbon tax on commercial shipping?
Carbon pricing measures to be formally adopted in October will become mandatory for large sea ships of 5,000 gross tonnes, which emit 85% of the total carbon dioxide emissions from international shipping.
Under the agreed structure, if a ship continues to use traditional fuel in 2028, it depends on crossing the threshold of ‘base’ and ‘direct compliance’ goals, it will have to pay an emission of $ 100 to $ 380 per tonne. It is estimated that carbon tax can be generated by $ 40 billion by 2030. Funds will be used exclusively to decurbon the shipping industry.
A total of 63 countries, including India, China, China, European Union, Norway, Singapore, South Africa and Japan, voted in favor of the agreement, while 16, including major oil producers, Saudi Arabia, UAE, Russia and Venezuela, voted against it, and based on 25 countries, most small islands and Argentine, based on it. The US delegation was not present at the time of voting, sticking to his principle of not engaging in the conversation.
IMO General Secretary Arsenio Dominguase appreciated the cooperation and commitment displayed by Shipping countries, saying, “Now, continue working together, engaging in conversation and listening to each other, if we want to create conditions for successful adoption,” IMO General Secretary Arsenio Dominguase said that the shipping countries appreciated the spirit of the shipping countries.
Several expert groups reported that the agreement is estimated to reduce the best 10% absolute emissions in the shipping sector by 2030, much less than the own goals of the IMO set in their 2023 revised strategy, with a target of 30% stretch for at least 20% cut by 2030.
