The United Nations shipping agency concluded two weeks of discussions in London on Thursday, revealing a clear majority of countries in favor of implementing the world’s inaugural global emissions levy. The International Maritime Organization convened to address climate regulation within the shipping sector, responsible for approximately 3% of global carbon emissions.
Thirty-four nations, spanning high- and low-income states, voiced support for a universal greenhouse gas pricing mechanism, marking a notable increase in backing compared to previous negotiations in 2023. Advocates credit the burgeoning momentum for the policy to endorsements from Caribbean and Pacific Island states, indicating a probable adoption of the measure by the IMO in the forthcoming year.
This round of talks marked the first convention since maritime nations endorsed a new greenhouse gas strategy in July of the previous year. The revised policy, endorsed by 175 countries, aims to reduce shipping emissions by 30% by 2030, by at least 70% by 2040, ultimately achieving net-zero emissions by the mid of the century. As part of this accord, the IMO committed to implementing an emissions price in 2025, with proceeds earmarked for facilitating an equitable transition from fossil fuels to renewable energy sources.
Despite consensus on the emissions pricing mechanism, alternative proposals advocating for a levy as part of broader measures persist, with at least 14 countries favoring this approach. Notably, some regions, including the Caribbean, the Pacific, Africa, the EU, and Canada, are rallying behind the pricing of shipping emissions as a pivotal step toward industry decarbonization and inclusive development.
Acknowledging the challenges in decarbonizing the shipping sector, proponents of a global emissions charge, notably Pacific and Caribbean Island states, emphasize the urgency of action. Proposals put forth at the talks, such as Belize’s recommendation for a $150 per ton carbon levy, underscore the ambition driving discussions toward meaningful climate action.
In response to the progress made, Panos Spiliotis, EU transport senior manager for global shipping at the Environmental Defense Fund, commended the advancement of negotiations aimed at climate-proofing global trade. He emphasized the importance of developing precise policy frameworks to incentivize shipping decarbonization amidst growing support for a universal greenhouse gas price.
