The International Chamber of Commerce (ICS) has submitted a proposal to the International Maritime Organization (IMO) to introduce the first global tax on carbon emissions on an industry. The proposal follows the growing green initiative in further developing and deploying zero-carbon fuels. 

The affected parties would be internationally-operated ships over 5,000 gross tons, which would be subject to a mandatory tax for each ton of CO2 emission. The tax would then be used to fund the projects hastening the development of zero-carbon fuels. 

“What shipping needs is a truly global market-based measure like this that will reduce the price gap between zero-carbon fuels and conventional fuels,” said Guy Platten, secretary general of ICS. 

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