Global Shipping Emissions Deal Sinks After Last-Minute Collapse
A decade-long effort to adopt binding international emissions targets for the shipping industry has fallen apart due to timing and cost issues.
The UK and other countries had proposed a framework that would require shipowners to cut the carbon intensity of their fleets or face penalties, a move welcomed by the industry for creating global consistency.
- The framework aimed to gradually reduce carbon intensity.
- Penalties would be imposed on non-compliant shipowners.
The breakdown leaves oil demand from marine fuels largely untouched for now, a relief to refiners and traders watching for signs of a forced pivot toward costly biofuels or ammonia blends.
Author's summary: Global shipping emissions deal collapses.
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