The United Nations International Maritime Organization (IMO) held a meeting in London on Friday, with member states agreeing to impose the world's first global carbon tax, at a cost of $380 per metric tonne. The vessel is subject to certain restrictions on “greenhouse gases” issued by the vessel, with a limit of $100 per tonne, exceeding a certain fee. [emphasis, links added]
The IMO estimates that the new tax will bring about $10 billion a year to the “net zero fund” for the green energy transition.
Originally scheduled to start in 2027, restrictions on untaxed greenhouse gas emissions will be reduced, eventually ending with a “net zero” around 2050.
The IMO conference also established an “emission control zone” in the Northeast Atlantic, requiring ships to observe stricter carbon emission regulations.
Most transportation flows between the United States and Europe will pass through this control zone.
The carbon tax is a “consensus” agreement that doesn't seem to please anyone.
Environmentalists can predict that taxes are too low, so transport companies are more likely to pay taxes than significantly reduce emissions.
More optimistic environmental groups hope that a relatively modest amount of current tax will be one foot to achieve more stringent policies.
“By approving global fuel standards and greenhouse gas pricing mechanisms, the IMO has taken a critical step to reduce the climate impact of transportation,” said Natacha Stamatiou of the Environmental Defense Fund.
“Over time, member states must strengthen fuel standards to more effectively incentivize the industry to adopt zero-sum near-zero fuels and ensure a just, equitable energy transition,” Stamatiou said.
Developing countries, especially island countries, believe that the agreed taxes are too low to compensate for the impact of climate change.
The group of about 60 “developing” countries hopes to get income from the carbon tax into the general climate fund rather than just retaining funds for the shipping industry.
“Developing countries with the greatest demand come here and provide solutions. How do other major economies require us to bring weak transactions to our people because the climate crisis is suffering from the climate crisis? How can they bring it back to their constituents?”
Forced cargo transporters to use current “green energy” technology will end global trade as we know it.
On the other hand, many major transport countries oppose paying carbon taxes and instead push the credit system, which will allow them to conduct some transactions to minimize financial impact. Some form of carbon credit trading will obviously become part of the final agreement.
The oil-producing countries also oppose global carbon tax deals, including Saudi Arabia, the United Arab Emirates, Russia and Venezuela.
Much of global trade is achieved through maritime transportation, and those huge cargo ships are said to produce about three percent of the world's industrial carbon emissions.
Heavy taxes on emissions will increase the price of almost everything. Forced cargo transporters to use the current generation of “green energy” technology will terminate global trade as we know it.
The United States clearly did not attend the meeting, and the Trump administration regarded it as “blatantly unfair.”
“President Trump made it clear that the United States will not accept any international environmental agreements that are too improper or unfair to bear the interests of the United States or the American people,” the administration said in a letter to the IMO on Wednesday.
“So we must be clear about all efforts by the United States to reject economic measures on its vessels based on greenhouse gas emissions or fuel choices,” he said. The letter said.
“If such blatant unfair measures continue to move forward, Our government will consider reciprocity measures to offset any fees charged to U.S. vessels and to compensate the American people for any other economic harm from any greenhouse gas emission measures adopted,The letter threatens.
Top photos by Ian Taylor
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