‘Landmark’ Global Shipping Agreement Reached After Years Of Talks
After nearly a decade of negotiations, nations have come to a “landmark” global shipping agreement to reduce greenhouse gas emissions.
The new International Maritime Organization (IMO) Framework introduced a carbon pricing mechanism that will require ships with high emissions to pay for the excess pollution they release, reported UN News. It also sets mandatory fuel standards for the shipping industry.
“Ships must reduce, over time, their annual greenhouse gas fuel intensity (GFI) – that is, how much GHG is emitted for each unit of energy used,” a press release from IMO said. “Ships emitting above GFI thresholds will have to acquire remedial units to balance its deficit emissions, while those using zero or near-zero GHG technologies will be eligible for financial rewards.”