The International Maritime Organization (IMO) has adopted a groundbreaking system to address CO2 emissions in the shipping industry. By 2028, ships will be required to use a lower-carbon fuel mix, with emission limits gradually decreasing until 2035. Violations of these limits will result in penalties, while compliance will be rewarded. This initiative aims to support the adoption of cleaner technologies and assist developing countries in their transition.
Despite being a historic move, the proposal has drawn criticism from various quarters. Pacific island nations and environmental organizations argue that the measures are insufficient for achieving carbon neutrality by 2050. Concerns have also been raised about the potential distribution of funds, with fears that revenues, projected at around ten billion dollars annually, may remain within the shipping industry instead of aiding vulnerable nations.
The decision has not been unanimously welcomed. Major oil producers like the US, Saudi Arabia, and Russia have opposed the rules, while smaller nations express disappointment over the lack of a more robust levy. Nevertheless, this agreement marks the first time a global industry will implement a pricing strategy on its climate pollution.
The proposal still awaits formal adoption by the IMO assembly in October, having received majority support from member countries. If implemented, it could usher in a new era for the maritime sector by encouraging a shift towards sustainable practices, albeit with room for further improvement.
