Pirate's Cove

This will totally stop climate doom, right? Or just be a way to raise prices for consumers, put money in the pockets of the rich and politicians, and, well, put money in the pockets of the rich and politicians, who all fail to practice what they force on everyone else

Major nations agree on first-ever global fee on greenhouse gases with plan that targets shipping

Many of the world’s largest shipping nations decided on Friday to impose a minimum fee of $100 for every ton of greenhouse gases emitted by ships above certain thresholds, in what is effectively the first global tax on greenhouse gas emissions.

The International Maritime Organization estimates $11 billion to $13 billion in revenue annually from the fees, with the money to be put into its net zero fund to invest in fuels and technologies needed to transition to green shipping, reward low-emission ships and support developing countries so they aren’t left behind with dirty fuels and old ships. The thresholds set through the agreement will get stricter over time to try to reach the IMO’s goal of net zero across the industry by about 2050.

The agreement, reached with the United States notably absent, is expected to be formally adopted at an October meeting to take effect in 2027. The IMO, which regulates international shipping, also set a marine fuel standard to phase in cleaner fuels.

Do these cleaner fuels exist?

One major issue during the meetings was the way the fee would be charged. More than 60 countries entered the negotiations pushing for a simple tax charged per metric ton of emissions. They were led by Pacific island nations, whose very existence is threatened by climate change.

In other words, nations with barely any exports of note, but, who have lots of airports and receive most of their goods through fossil fueled ships want lots of that sweet, sweet, strings free climate scam cash.

Other countries with sizable maritime fleets — notably China, Brazil, Saudi Arabia and South Africa — wanted a credit trading model instead of a fixed levy. Finally, a compromise between the two models was reached. The compromise is in the ambition of the measure, since the fee is not a universal levy on all emissions.

The IMO aims for consensus in decision-making, but in this case had to vote. Sixty-three nations, including China, Brazil, South Africa and many European states, approved the agreement. Led by Saudi Arabia, 16 opposed. And 24 nations, including a group from the Pacific Islands, abstained. Ministers from the island nations said they refused to support an agreement that would “do too little, too late to cut shipping emissions and protect their islands,” and will try to strengthen it at the October meeting.

What’s in it for China? You know they wouldn’t sign on if they weren’t going to make some money out of it. Or, be given some sort of exemption.

When asked about the United States’ position in a press conference, Secretary-General Dominguez said large ships traveling between different countries are obliged to comply with the IMO’s regulations. He said nations with concerns should engage with the IMO, to move forward together.

Yeah, well, good luck with that as long as Trump is president.