India Votes in Favor of First Global Carbon Tax on Shipping

The decision, taken at the International Maritime Organisation (IMO) headquarters in London on Friday after a week of intense negotiations

- OUR CORRESPONDENT

NEW DELHI: India and 62 other countries voted in favour of the world's first-ever global carbon tax imposed on the shipping industry by the United Nations' shipping agency.

The decision, taken at the International Maritime Organisation (IMO) headquarters in London on Friday after a week of intense negotiations, aims to reduce greenhouse gas emissions from ships and promote cleaner technologies.

The move marks the first time a global carbon tax has been imposed on an entire industry.

Starting 2028, ships will either have to shift to lower-emission fuels or pay a fee for the pollution they generate.

The tax could generate up to $40 billion by 2030.

While the agreement is being seen as a breakthrough for international climate policy, it has also drawn criticism for failing to address the climate finance needs of developing countries.