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India and 62 other nations have voted in favour of the world's first-ever global carbon tax on the shipping industry, imposed by the United Nations' shipping agency, the International Maritime Organisation (IMO).
The shipping industry contributes around 3% of global greenhouse gas emissions, a sector previously not included in global climate agreements like the Paris Agreement.
The tax will come into effect in 2028
Applies to ships over 5,000 gross tonnage (covering 85% of emissions).
Ships must either use cleaner fuel or pay a tax of USD 100–380 per tonne of CO₂.
The tax is expected to generate up to USD 40 billion by 2030, which will be reinvested into decarbonising the maritime sector, with no provision for broader climate adaptation.
India is poised to be among the top 5 shipbuilding countries in the world by 2047.
India’s fleet grew to 1,530 ships by 2023, ranking third globally in ship recycling.
Major ports increased cargo capacity by 87% from 871.52 million tonnes in 2014-15 to 1,629.86 million tonnes in 2023-24.
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