International Maritime Organization Reaches Deal to Cut Greenhouse Gas Emissions from Ships

Shipping regulators have concluded on a plan for reducing carbon dioxide emissions for ships. International Maritime Organization (IMO) regulators have agreed that the shipping industry should cut carbon emissions by a minimum of 50% by 2050 as part of the industry’s contribution to the Paris Agreement. There will also be a 40% improvement in ship efficiency by 2030 and a 50% to 70% improvement by 2050. In adopting this plan, the shipping industry will be able to phase out greenhouse gases and set a cap on emissions. Current estimates show that shipping contributes approximately 3% of global carbon emissions. While the international shipping community has agreed to begin the transition to a low-emissions future, it still needs to address how and when the regulations will actually start being implemented. The IMO will now have to start exploring options such as a carbon tax on fuel to promote more fuel-efficient ships and the use of alternative fuels. The…

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