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Big news:
“Nations have agreed to introduce a worldwide carbon-pricing system for international shipping to drive the sector towards net-zero emissions by 2050.”
It’s a compromise, but sounds like major progress, in a…challenging geopolitical context.
“As for the framework itself, it includes a lower carbon-intensity target that rises from 4% in 2028 to 30% in 2035, plus an upper target increasing from 17% in 2028 to 43% in 2035.
Any ships that could not reduce their emissions intensity in line with these goals by switching to cleaner fuels would need to pay $100 per tonne of CO2 for exceeding the lower target and $380 per tonne of CO2 for breaching the upper target.”
“the compromise framework is expected to raise $30-40bn by 2030, primarily to support the development of clean shipping.”