Subscriber-only Newsletter Climate Forward A tax on ship emissions could have an impact on almost everything we buy It didn’t make many headlines, but last week, at a meeting of the International Maritime Organization, something potentially world-changing happened. The United Nations agency, which regulates the shipping industry, essentially committed to creating the world’s first global carbon price. “I’m very confident that there is going to be an economic pricing mechanism by this time next year,” Arsenio Dominguez, the Secretary General of the maritime organization, said. “What form it is going to have and what the name is going to be, I don’t know.” The proposal would require shipping companies to pay a fee for every ton of carbon they emit by burning fuel. In other words, it’s a tax. That could raise a significant amount of money and lead to sweeping changes in the shipping industry. It would also be a first step toward the lofty goal of a tax not limited to a particular country, but a global one. (Some 70 countries and states around the world have put a price on carbon, either through taxes or trading mechanisms.) Many activists and economists have argued that putting a price on carbon is crucial to addressing the collective threat of climate change, because it can both deter pollution and fund a cleaner, more resilient economy. The world’s attention turned to the shipping industry this week when the Dali, a massive container ship, lost power and crashed into the Key Bridge in Baltimore. But there are at least 50,000 cargo ships like the Dali, constantly on the move, transporting the vast majority of the world’s goods. We are having trouble retrieving the article content. Want all of The Times? Subscribe. |