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.
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.
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.
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.
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