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Global shipping tax
April 23 , 2025
17 hrs 0 min
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- The “IMO Net-zero by 2050 Framework” has been approved during the Marine Environment Protection Committee’s 83rd session in London.
- It combines mandatory emissions limits with greenhouse gas pricing across the entire shipping sector.
- The new carbon tax is expected to generate $30-40 billion in revenues by 2030, approximately $10 billion annually.
- The framework would deliver 60% emissions reduction by 2040 but fail to reach the promised net-zero by 2050.
- The policy has secured backing from 63 countries including the European Union, Japan, South Africa, and Singapore, alongside India, Brazil and China.
- Notably, petro-states like Saudi Arabia, the UAE, Russia, and Venezuela opposed the agreement.
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