Insights
25 September 2020

Time for a carbon levy on shipping fuel

In 2018, the International Maritime Organisation (IMO) received widespread support when it announced a landmark strategy to reduce shipping emissions. It outlined a plan to reduce carbon emissions intensity by at least 40 percent compared to 2008 levels by 2030, and by at least 70 percent by 2050, as well as reducing total emissions by 50 percent by 2050, thereby ensuring that the international shipping industry plays its part in helping to achieve the objectives of the Paris Agreement.