The International Maritime Organization (IMO) published its strategy last week for reducing emissions for world shipping. 2-3% of world carbon dioxide emissions come from shipping and they are predicted to grow by 50 to 250% by 2050.
As reported in Climate Central,
“Under the agreement reached Friday, an interim strategy for addressing greenhouse gas pollution from ships will be released in 2018. That will be followed five years later by the potential publication of a timeline describing climate-protection measures that could be imposed on ship operators and owners. Owners of large ships will provide confidential information about fuel consumption to the U.N. beginning in 2019.
The roadmap did not set any targets for greenhouse gas reductions, such as those that have underpinned national climate protection strategies and pledges under the Paris climate agreement. Nor does the roadmap commit the sector to setting such targets in 2023”
So no time frame for setting a target or agreeing on a mechanism to price carbon in the shipping industry.