Negotiators inch closer on global price for shipping emissions

illuminem summarizes for you the essential news of the day. Read the full piece on Euractiv or enjoy below:

🗞️ Driving the news: Support is growing for a global price on shipping emissions, with 39 countries backing a greenhouse gas (GHG) levy at the International Maritime Organization (IMO) negotiations in London
• This comes as the shipping industry accounts for 3% of global emissions, a number projected to rise without intervention

🔭 The context: The IMO set a goal for net-zero shipping emissions by 2050 and is now discussing concrete measures like a global GHG levy and carbon-intensity standards for maritime fuels
• Some countries favor weaker mechanisms, but consensus is being sought ahead of final decisions in 2025

🌍 Why it matters for the planet: Shipping emissions could increase by up to 130% by 2050, making urgent action critical to global climate goals
• A levy could fund decarbonization technologies, especially for developing nations most vulnerable to climate impacts

⏭️ What's next: Further negotiations continue this week, with a final mechanism expected to be agreed upon by spring 2025 and fully adopted by the end of the year

💬 One quote: "We saw growing support for a ship GHG levy and fuel standard
• These need to be urgently agreed,” said Delaine McCullough, President of the Clean Shipping Coalition

📈 One stat: 39 countries now support a global GHG levy on shipping, up from 34 in March 2024

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