The countdown to maritime decarbonization is on, and time is running out. The global challenge is to achieve zero greenhouse gas (GHG) emissions in maritime transport activities, which contributes 3% of total emissions and represents 5% of international oil demand. The next 25 years will be crucial to achieving this ambitious goal, in a sector that navigates at different speeds and has set specific deadlines (a 30% reduction in GHG emissions by 2030, 80% by 2040, and net zero by 2050).
As part of the agenda for greater maritime sustainability, the 175 member countries of the International Maritime Organization’s (IMO) Marine Environment Protection Committee are expected to discuss and agree on specific measures to be implemented in the medium term at the next meeting (April 7-11, 2025). On the technical side, the goal is to establish a standard for measuring the energy efficiency of existing vessels; and on the economic side, the introduction of a tax on vessels and their GHG emissions (with proposals ranging from $30 to $120 and $150 to $300 per ton of emissions), for now for vessels over five thousand gross tons and only on international voyages.
According to the United Nations Conference on Trade and Development (UNCTAD) , the IMO could raise up to $127 billion annually from 2027 to 2030 with a tax of $150 to $300 per tonne of GHGs, while revenues would average $103 billion from 2031 to 2040 and $36 billion from 2041 to 2050.
A tax of $30 to $120 per ton would raise $30 billion annually in the 2027-2030 period , and $34 billion and $6 billion in the 2031-2040 and 2041-2050 periods, respectively.
This proposal envisions allocating the revenue raised to least developed countries to support their efforts to combat climate change, focusing on developing strategies and measures for the maritime sector. However, the administrative aspects of who would distribute these funds and how are still unclear ; these points could be defined at the IMO committee meeting if the tax is implemented.
Supporting the tax are countries in Africa, the Caribbean, the Pacific and Asia , including several maritime powers and key players such as Panama, the Marshall Islands, Liberia, Greece, Malta, Japan and the Republic of Korea, as well as the International Chamber of Shipping.
“With this tax, there will be a very clear path, where significant investments will go toward scalable zero-emission fuels, that is, hydrogen derivatives,” says Tania Miranda, director of the Environment and Climate Change Program at the Institute of the Americas (IOA) , in an interview with T21.
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