Global Shipping Emissions Deal Sinks After Last-Minute Collapse
A decade-long effort to make the shipping industry adopt binding international emissions targets has fallen apart due to timing and cost issues.
The now-stalled framework would have required shipowners to gradually cut the carbon intensity of their fleets or face penalties, a move welcomed by the industry for creating global consistency.
The breakdown leaves oil demand from marine fuels largely untouched, bringing relief to refiners and traders who were watching for signs of a forced pivot toward costly biofuels or ammonia blends.
A move broadly welcomed by the industry as a way to create global consistency
Author's summary: Global shipping emissions deal collapses over timing and cost.