New Delhi, April 21 -- After a decade of discussions, the International Maritime Organization (IMO) has agreed that large ship owners must reduce the greenhouse gases (GHGs) they emit per unit of energy, against 2008 levels. Shipping contributes to 3% of GHGs and the targets are not soft. According to the Climate Home News, reports the emissions per unit of fuel should be reduced to "30% by 2035 and 65% by 2040 . to net zero around 2050".
At the heart of the agreement is that shipping companies will pay a penalty for emissions, calculated on the basis of the emissions intensity of the fuel a ship uses. Currently, ships use the most polluting, cheapest kind of diesel. The logic is that the penalties will nudge the penalised to shift to clea...