IMO reaches initial deal on first global shipping carbon pricing

Global maritime sector faces first-ever carbon pricing under IMO framework. (Photo: Pixabay)

The United Nations’ International Maritime Organization (IMO) on April 11 reached a historic deal on the world’s first carbon pricing mechanism for the shipping industry. Under the new system, vessels exceeding emissions thresholds will be required to pay fees of up to $380 per ton of CO₂, though some member states argue this measure falls short compared to a comprehensive carbon tax.

According to carbon market analyst Sherry Hu from RECCESSARY, global carbon pricing is becoming a widespread trend, and businesses should take early action in two key areas to stay ahead.