World’s First Global CO2 Charge Inches Closer at London Meetings

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The shipping industry is being lined up as a guinea pig for a world-first: a global, mandatory charge on greenhouse gas emissions.

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While the timeline is clear, there’s far less certainty about how it will actually work and whether there will be a significant impact on the emissions of an industry that carries 80% of world trade and spews more than a billion tons of carbon dioxide into the atmosphere each year. Countries including the Marshall Islands — the flag state for thousands of vessels — earlier submitted a proposal for a minimum emissions charge of $150 per ton of CO2-equivalent, which would add hundreds of dollars to shippers’ fuel bills for every ton of oil they burn. Others, including European Union nations, Canada and China have submitted separate documents discussing GHG pricing.

 

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