New Delhi, April 13 -- The United Nations' International Maritime Organization (IMO) approved the world's first carbon pricing mechanism for global shipping on Friday, with India joining Brazil and China in voting to adopt the framework.

The "IMO Net-zero by 2050 Framework", approved during the Marine Environment Protection Committee's 83rd session in London, combines mandatory emissions limits with greenhouse gas pricing across the entire shipping sector. India was represented at the talks by the ministry of ports, shipping and waterways.

Starting in 2028, vessels burning conventional fossil fuels will face a $380 per tonne fee on the most intensive portion of their emissions, and $100 per tonne on remaining emissions above a certain t...