The International Maritime Organization (IMO) reached a landmark agreement to impose a global tax of $100 per ton of greenhouse gas emissions from ships exceeding certain thresholds, starting in 2027. This aims to generate approximately $10 billion annually for a net-zero fund. While lauded as a historic step by some, critics argue the fee is insufficient to drive significant emission reductions and fairly support developing nations. The agreement, reached without US participation, includes stricter emission controls in the North-East Atlantic and sets a timeline for cleaner fuels. Concerns remain that the fee may incentivize paying to pollute rather than decarbonizing.

Prepared by Olivia Bennett and reviewed by editorial team.