Reducing shipping emissions is vital in the fight against global climate change, yet greenhouse gas emissions from the global maritime sector are increasing. According to an International Maritime Organisation (IMO) study published in August 2020, emissions are projected to increase by as much as 130 percent by 2050 compared to 2008 levels if mitigation measures are not urgently put in place.
In this paper, Trafigura sets out a proposal for IMO member states to help accelerate progress towards the decarbonisation of the shipping industry via the introduction of a levy on carbon intensive marine fuels.