Thursday 23 March 2023

World Bank pushes for carbon levy on shipping industry

World Bank pushes for carbon levy on shipping industry

The World Bank is leading a group pushing for the international shipping industry to accept a carbon levy.

This levy on ships would be used to fight the climate crisis – with supporters claiming it would incentivise the industry to upgrade fleets and consult greener technologies.

The World Bank’s idea would reportedly see shipping firms pay into a climate fund depending on the level of carbon their fleets emit – this fund would then be used to decarbonise the sector and help developing nations in climate defence.

The levy has come to light with meetings taking place this week in London between 175 governments for the International Maritime Organisation. A key area of discussion is climate change, with shipping accounting for 3% of global emissions.

The World Bank stated: “By conducting and sharing analytics related to reducing emissions from international shipping in an effective and equitable manner, the World Bank seeks to support its twin goals: eradicating extreme poverty and boosting shared prosperity in a sustainable manner.”

Written by

Bruna Pinhoni

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