US, Saudi-Led Alliance Threatens Green Shipping Deal
A group of mainly oil-reliant nations, including the US, Saudi Arabia, and Russia, is attempting to alter the approval process for the International Maritime Organisation's (IMO) Net-Zero Framework (NZF).
This move could jeopardise the adoption of the landmark pact at the IMO talks in London, as the proposed procedural changes would require support from countries representing half of the world's shipping fleet.
The policy is the world’s first global emissions pricing on any sector.
- The NZF was provisionally agreed upon in April after years of discussions.
- The framework aims to penalise polluting ships and use the funds to support the transition to cleaner fuel.
Author's summary: The US and Saudi-led alliance may hinder the green shipping deal.