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IMO to Introduce CO2 Charge Worldwide By 2027
The shipping industry is soon to pay a global mandatory charge a levy on greenhouse gas emissions
Dr.G.R.Balakrishnan Mar 27 2024 Trade Bodies (World Marine)

IMO to Introduce CO2 Charge Worldwide By 2027

The levy will have it introduced in 2027.

 

“We will have a pricing mechanism,” said the IMO’s secretary general, Arsenio Dominguez, in a meeting with journalists at the organization’s London headquarters. “Of that, I have no doubt.”

When it comes into force, the IMO’s mechanism is set to be the planet’s first ever global, mandatory price for GHG emissions — no other discussions for any other sector are as advanced, according to Dominik Englert, a senior economist at the World Bank.

 “The UN is on the edge of adopting the world’s first-ever global emissions price, but the policy will only be as successful as countries make it,” said Sandra Chiri, a shipping manager at the not-for-profit organization Ocean Conservancy.