New Plan For GHG Emissions Pricing In Shipping Aims For Net-Zero By 2050

A group of 47 governments, supported by the global shipping industry, has put forward a proposal for a new greenhouse gas (GHG) emissions pricing system for international shipping.

The plan aims to reduce the environmental impact of the maritime industry and help it achieve net-zero GHG emissions by 2050.

The proposal which has been submitted to the International Maritime Organization (IMO), suggests a system where ships on international voyages will pay an annual levy based on the amount of carbon dioxide equivalent (CO2e) emissions they produce.

The funds collected from this levy will go into a new “IMO GHG Strategy Implementation Fund” to support initiatives made to reduce shipping emissions worldwide.

The main goal of the proposal is to make zero-emission (ZNZ) marine fuels, like ammonia, green methanol, and hydrogen. The GHG levy will help reduce the price difference between these cleaner fuels and the cheaper, more polluting fossil fuels that are commonly used by ships.

The revenue generated from the levy will be used to reward the production and use of ZNZ …

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