It didn’t make many headlines, but last week, at a meeting of the International Maritime Organization, something potentially world-changing happened. The United Nations agency, which regulates the shipping industry, essentially committed to creating the world’s first global carbon price. “I’m very confident that there is going to be an economic pricing mechanism by this time next year,” Arsenio Dominguez, the Secretary General of the maritime organization, said. “What form it is going to have and what the name is going to be, I don’t know.”The proposal would require shipping companies to pay a fee for every ton of carbon they emit by burning fuel. In other words, it’s a tax.

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Persons: ” Arsenio Dominguez Organizations: International Maritime Organization, United Nations