New Climate Agreement for Shipping Finalised

The UN’s maritime organisation, IMO, has agreed on a new treaty with binding requirements to bring shipping’s climate emissions down to net zero by 2050.

Non-compliant countries will have to pay an annual penalty for each tonne of greenhouse gas emissions that exceed the targets set.

According to the IMO, the money from the penalties will be used to ‘reward’ green technologies for zero or near-zero emissions and to support developing countries in their transition.

The majority of the 63 member countries – including the EU, Brazil, China, India and Japan – voted in favour of the agreement. 16 countries, including Saudi Arabia and Russia, voted against.

The deal was finalised after the US left the negotiations on Wednesday. In a statement to negotiators, the US said it rejects any proposal that ‘imposes’ fees on US ships based on emissions or fuel use, NRK reports.

Several Pacific and Caribbean island nations that are particularly vulnerable to the effects of climate change wanted a more ambitious agreement and abstained.

^{Cover image: Jonas Ekströmer/TT The UN maritime body has agreed on a new climate agreement. File photo.}