IMO nations agree: global shipping reaches net-zero by 2050

The International Maritime Organization (IMO) reached a landmark agreement mandating net-zero emissions for global shipping by 2050, despite threats from the United States. This agreement marks the first time a sector is globally regulated for net-zero emissions. The agreement, spearheaded by Norway, includes binding requirements for gradually reducing greenhouse gas emissions from ships and establishes a framework for pricing carbon emissions. The U.S. had previously withdrawn from negotiations, threatening retaliatory measures if American ships faced fees. The revenue generated from carbon pricing will fund the development of new fuels and technologies, and support developing nations in their energy transition. The agreement is set for final adoption in October after a six-month circulation period.