From Breakingviews - Shipping tax could yield $100 bln climate windfall
A ship is shown being loaded at the Long Beach Container Terminal in Long Beach, California, U.S., April 20, 2023. REUTERS/Mike Blakeof the world's greenhouse gases. It has also largely escaped taxation because what happens on the high seas is not in the jurisdiction of any single government.
The time is ripe to push for a global levy. This will be one of the ideas on the agenda at French President Emmanuel Macron’s summit on a “new global financial pact” in Paris later this month. The IMO, which has the power to impose a tax, will then meet in early July. Although it’s unlikely to agree to a levy, it could set a timetable to introduce one.The shipping industry uses fossil fuels to power its boats.
This potentially large sum is attracting the attention of people outside the shipping industry, especially those focused on climate change. Rich countries have made various promises to help poor nations meet the costs of transitioning to a zero-carbon economy, but have so far struggled to find enough money to do the job.
the bulk of the money raised from a levy should go back to shippers to subsidise their green transition. Given the industry’s success in evading taxes for decades, it may yet find a way to hang onto a big chunk of the money from a levy. But it would be better if revenue went to those who suffer from pollution than those who are responsible for it.The IMO's environment committee is expected to introduce a more ambitious strategy for curbing GHG emissions in July, according to a spokesperson.
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