New Delhi, April 12 -- In a landmark decision on Friday, India and 62 other countries voted in favour of the world's first-ever global carbon tax on the shipping industry.

The historic move was made by the United Nations' International Maritime Organization (IMO) during intense negotiations in London.

The new tax aims to curb greenhouse gas emissions from ships and drive the adoption of cleaner technologies in the sector.

Starting in 2028, vessels will either need to transition to lower-emission fuels or face a carbon fee based on the pollution they generate. This tax could raise up to USD 40 billion by 2030, all of which will be reinvested into reducing emissions within the shipping industry.

However, the tax is expected to reduce sh...