World News
13 New Countries Back Carbon Levy at IMO Meeting
At the IMO intersessional meeting this week, 13 additional countries have voiced their support for a carbon levy in shipping.
The intersessional meeting is crucial as it lays the groundwork for the pivotal MEPC session in April, where the IMO's mid-term measures to reduce GHG emissions are expected to be finalised for formal adoption in October.
Dominica, Georgia, Grenada, Kiribati, Malawi, Mexico, Namibia, Nauru, New Zealand, Senegal, Switzerland, Trinidad and Tobago, and Türkiye now support the carbon levy.
Notably, Dominica, Senegal and Switzerland have backed the levy for the first time.
Despite some progress, there is still no consensus on the exact price of the carbon levy, its scope, revenue distribution, or the details of a potential global fuel standard.
"We saw strong support this week from over 50 countries, several speaking for the first time, for a levy or contribution that places a price on all of shipping's GHG emissions," Blánaid Sheeran, Policy Officer Climate Diplomacy at Opportunity Green, said in an emailed statement.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 570.00 | 3.50 | 694.50 | 0.50 |
| Rotterdam | 541.00 | 1.00 | 687.50 | 1.00 |
| Houston | 566.00 | 0.50 | 732.50 | 6.00 |
| Fujairah | 568.50 | 1.00 | 770.00 | 3.50 |
| Global 20 Ports Average | 596.00 | 2.00 | 791.50 | 4.50 |
| Global 4 Ports Average | 561.50 | 1.00 | 721.00 | 2.50 |
| Global Average Bunker Price | 641.00 | 0.50 | 831.00 | 0.00 |
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