How the shipping industry is leading climate action

Photo by Venti Views on Unsplash

We may not see shipping as an innovative industry because it’s been in operation for centuries. It’s time to change our perspective. Last month, the United Nation’s International Maritime Organization (IMO) took a stance on climate action that rivals even the most progressive industries. It committed to develop the world’s first global carbon price:

• Shipping companies will have to pay a tax for every ton of carbon they emit while buring fuel. Of course, to lower that tax they will at least scope the retooling of their ships to use clean energy and / or burn less fossil fuel than they do today.
• 11 billion tons of goods (90% of the world’s physically traded goods) are transported by ship every year. So, while the shipping companies figure out this potential retooling, the tax will raise significant funds—on the order of tens of billions of dollars!—that the IMO can put toward mitigating the impact of emissions and policy changes.

Beyond the tax and retooling, this proposal also signifies virtual signaling that could inspire other industries to follow suit. Let this be the beginning of a wave of change to benefit the planet and all beings who share it.