World's First-Ever Global Carbon Tax:

1.World's First-Ever Global Carbon Tax: India and 62 other countries voted for the world’s first-ever global carbon tax on the shipping industry.

• About Carbon Tax: It is a pollution fee on businesses and individuals which imposed on companies burning coal, oil, gasoline, natural gas.

o Effect: Burning these fuels releases CO₂ and methane, causing global warming.

o Incentive: Carbon tax makes fossil fuel use costlier, pushing firms to be energy-efficient.

o Consumer Impact: Raises gasoline and electricity costs, encouraging shift to clean energy.

• About World's First-Ever Global Carbon Tax: Aims to reduce greenhouse gas emissions from ships and promote cleaner technologies.

o Implementation: From 2028, ships must shift to low-emission fuels or pay for pollution.

o Usage: All revenue to be ring-fenced for decarbonising maritime sector, not for broader climate finance.

o Impact: Carbon pricing to reduce emissions by only 10% by 2030, short of IMO’s 20% target.

o Supporters: Deal supported by 63 countries, including India, China, Brazil.

• About International Maritime Organisation (IMO): It is a specialized UN agency regulating shipping and preventing marine pollution, established in 1948, operational since 1958.

o Membership: Has 175 member states, 3 associate members; headquartered in London.

o India: Joined in 1959.

o Mandate: Sets regulatory framework and deals with liability and maritime traffic facilitation.