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THE FIRST INDUSTRY-WIDE, TRULY GLOBAL CARBON FEE IS APPROVED BY THE IMO.
DETAIL INFORMATION
The first worldwide carbon charge for shipping will be implemented by IMO member nations following ten years of discussion. It is the first carbon revenue system of any type to be controlled by the UN.
A set of legally binding targets for shipping's greenhouse gas emissions was agreed upon by delegates at the 83rd meeting of the Marine Environment Protection Committee on the last day of negotiations. These targets included intermediate goals of reducing greenhouse gas emissions by 20–30 percent by 2030, 70–80 percent by 2040, and reaching net-zero by or around 2050.
Delegates adopted a number of contentious technical and financial measures to encourage compliance in addition to the targets. It is a tiered system of taxes and compliance levels rather than a universal carbon levy on all emissions, and not all emissions will be subject to taxation.