STATEMENT: World’s First Global, Legally Binding Carbon Tax to Slash Emissions, Safeguard Ocean

WASHINGTON – The world’s first-ever global, legally binding carbon price—for any industry—is on the table for adoption at the upcoming International Maritime Organization (IMO) meeting from October 14-17 in London. If the IMO Net-Zero Framework is adopted, all large ships operating globally, including cruise ships, would be required to slash emissions by 17% by 2028—with increasing emission reduction targets thereafter—or pay a fee. Currently, the global shipping sector runs on some of the dirtiest fossil  fuels and accounts for 3% of global carbon emissions—polluting the ocean and imperling the health of people in coastal areas. Delaine McCullough, Ocean Conservancy’s shipping program director, released the following statement:

“This agreement provides a lesson for the world that legally-binding climate action is possible now. It is a major win for our climate–and for human health, wildlife and the ocean. For too long, ships across the globe have run on crude, dirty oil, worsening the climate crisis and causing a whopping 250,000 premature deaths and 6 million cases of childhood asthma globally every year.

“It’s encouraging to see an industry rally around a real, binding commitment to drastically reduce these dangerous emissions. The technology to make ships greener has long existed. This includes measures like reducing vessel speed, adding sails to harness wind power, powering ships through rechargeable batteries and fuel cells where possible, and deploying new zero-emission fuels that are safer for people and the ocean.  What has been missing—until now—is a plan that countries could agree on.

“More will need to be done to strengthen this agreement to ensure there are no loopholes for unsustainable fuels,  incentivize the rapid uptake of clean alternative fuels, and distribute revenues fairly. But we applaud the IMO and the countries who have led this process for taking this important step, and look forward to continuing our work to make this framework as ambitious as possible.”

In the 2018 Greenhouse Gas Strategy, the IMO’s goal was to halve emissions by 2050; thanks to Ocean Conservancy’s advocacy, their aim is now to reach net-zero in the same time. Ocean Conservancy played an important part in ensuring that the 2023 Greenhouse Gas Strategy includes interim targets to drive early emission cuts and was deeply involved in the negotiations on the Net-Zero Framework.

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For additional facts and figures about shipping’s impact on climate, please see our fact sheet.

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Ocean Conservancy is working to protect the ocean from today’s greatest global challenges. Together, we create evidence-based solutions for a healthy ocean and the wildlife and communities that depend on it. For more information, visit oceanconservancy.org, or follow us on Facebook, X (formerly Twitter) or Instagram.