Global Shipping Emissions Deal Sinks After Last-Minute Collapse
A decade-long effort to make the shipping industry adopt binding international emissions targets has fallen apart due to timing and cost issues.
The stalled framework would have required shipowners to cut the carbon intensity of their fleets or face penalties, a move welcomed by the industry for creating global consistency.
The breakdown leaves oil demand from marine fuels largely untouched, bringing relief to refiners and traders who were watching for signs of a forced pivot toward costly biofuels or ammonia blends.
The industry was broadly welcoming the move as a way to create global consistency.
Author's summary: Global shipping emissions deal collapses over timing and cost.