EconomyLens.com
No Result
View All Result
Saturday, October 3, 2026
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
EconomyLens.com
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials
No Result
View All Result
EconomyLens.com
No Result
View All Result
Home Economy

UN shipping body approves global carbon pricing system

David Peterson by David Peterson
April 13, 2025
in Economy
Reading Time: 6 mins read
A A
0
54
SHARES
670
VIEWS
Share on FacebookShare on Twitter

US President Donald Trump's tariffs have ignited a potentially ruinous global trade. ©AFP

London (AFP) – Member states of the International Maritime Organization have voted in favour of a global pricing system to help curb maritime carbon emissions, the UN shipping body announced Friday. From 2028, all ships will be required to use a less carbon-intensive fuel mix or face financial penalties, the IMO said. The carbon pricing measure must now be formally adopted at an IMO assembly in October.

Related

Argentina unveils passports-for-investment scheme

US Supreme Court to hear high-stakes climate case

Argentina unveils passports-for-investment scheme

G7 talks as US pressures Europe over diesel stocks

EU nations to hold emergency meeting on soaring diesel prices amid US pressure

A majority of members — 63 states — voted for the carbon pricing system, including the European Union, Brazil, China, India, and Japan. Sixteen states voted against the measure, including major oil producers Saudi Arabia, Russia, and the United Arab Emirates. Pacific Island states abstained from the vote, deeming the proposals insufficient to meet decarbonisation goals. The United States did not participate in the vote, with a wave of environmental rollbacks by President Donald Trump, including carbon limits on power plants, tailpipe emissions standards, and protections for waterways.

The agreement follows a week of negotiations in London to decide which mechanism to adopt to reach carbon neutrality in shipping by 2050. Those who do not meet the guidelines will have to pay annually for every tonne of greenhouse gas emissions that exceeds the targets set. The IMO said the funds raised will be used to “reward” zero or near-zero greenhouse gas emissions technologies and to financially support developing countries to transition to lower-emissions shipping.

– ‘Groundbreaking moment’ –

Island nations in the Pacific and Caribbean, particularly vulnerable to the effects of climate change, supported a more ambitious universal carbon levy on maritime transport. “We cannot support an outcome that does not live up to the agreed strategy,” the Solomon Islands’ minister of infrastructure development, Manasseh Maelanga, said after the nation abstained. A French source told AFP that “the ambition is not what we had hoped for in terms of trajectory, but it is greater than what already exists within the European framework”.

Shipping accounts for nearly three percent of global greenhouse gas emissions, according to the IMO. “This is a groundbreaking moment for the shipping industry, which should signal a turning of the tide on greenhouse gases from global shipping,” Mark Lutes, senior advisor at the World Wildlife Fund for Nature, said in a statement. “However, key aspects of this agreement fall short of what is needed and risk blowing the transition off course,” he added.

The International Chamber of Shipping, representing shipowners and operators, welcomed the fact “that governments have understood the need to catalyse and support investment in zero-emission fuels.” However, it expressed concern “that this may not yet go far enough in providing the necessary certainty.” “It is a framework which we can build upon,” it added.

Constance Dijkstra, a policy manager at the Transport & Environment lobby group, said a switch to biofuels was not the answer, describing the mass production of such energy as “very worrying for deforestation,” even if Brazil disagrees. IMO member countries have agreed also to create a “control area” in the northeast Atlantic, which limits the use of the most polluting marine fuels around the coasts of Western Europe, Iceland, and Greenland.

© 2024 AFP

Tags: carbon emissionsclimate changeshipping
Share22Tweet14Share4Pin5Send
Previous Post

UK lawmakers hold emergency debate to save British Steel

Next Post

US senators ask SEC for Trump insider trading probe

David Peterson

David Peterson

Related Posts

Economy

G20 trade ministers fail to see consensus against overproduction

October 1, 2026
Economy

US tells European allies to act ‘immediately’ to lower diesel prices

October 2, 2026
Economy

G20 against ‘weaponization’ of food trade: French minister

October 1, 2026
Economy

US says ‘in Europe’s best interest’ to cooperate on fuel supply

October 2, 2026
Economy

German fuel price cuts kick in to ease Mideast energy shock

October 1, 2026
Economy

Kenyan island paradise fears damage from mega-refinery

October 1, 2026
Next Post

US senators ask SEC for Trump insider trading probe

UK government to take control of British Steel under emergency law

US exempts tech imports in tariff step back

'Slow travel' start-up launches cross-Channel crossings by sail

0 0 votes
Article Rating
Subscribe
Notify of
guest
guest
0 Comments
Oldest
Newest Most Voted
  • Trending
  • Comments
  • Latest

New York ruling deals Trump business a major blow

September 30, 2024

Elon Musk’s X fights Australian watchdog over church stabbing posts

April 21, 2024

Women journalists bear the brunt of cyberbullying

April 22, 2024

France probes TotalEnergies over 2021 Mozambique attack

May 6, 2024

New York ruling deals Trump business a major blow

104

Ghanaian finance ministry warns against fallout from anti-LGBTQ law

74

Shady bleaching jabs fuel health fears, scams in W. Africa

71

Stock markets waver, oil prices edge up

65

AI needs safety layers like nuclear plants: ex-OpenAI engineer

October 3, 2026

Boisterous fashion week barnstorms ‘sleepy’ Nigerian capital

October 3, 2026

Argentina unveils passports-for-investment scheme

October 3, 2026

Asian carmakers besting US rivals at home, China poised to strike

October 3, 2026
EconomyLens Logo

We bring the world economy to you. Get the latest news and insights on the global economy, from trade and finance to technology and innovation.

Your Privacy Choices

Pages

  • Home
  • About Us
  • Privacy Policy
  • Contact Us

Categories

  • Business
  • Economy
  • Markets
  • Tech
  • Editorials

Network

  • Coolinarco.com
  • CasualSelf.com
  • Fit.CasualSelf.com
  • Sport.CasualSelf.com
  • SportBeep.com
  • MachinaSphere.com
  • MagnifyPost.com
  • TodayAiNews.com
  • VideosArena.com
© 2026 EconomyLens.com - Top economic news from around the world.
No Result
View All Result
  • Home
  • Economy
  • Business
  • Markets
  • Tech
  • Editorials

© 2024 EconomyLens.com - Top economic news from around the world.