Distributing Carbon Revenues from Shipping

International shipping accounts for nearly three percent of global greenhouse gas emissions. If no further action is taken, these emissions are set to grow significantly. Apart from reducing emissions, there is a strong call for shipping's decarbonization to be equitable. In this light, the Int...

Full description

Bibliographic Details
Main Author: Dominioni, Goran
Other Authors: Gleeson, Cait, Englert, Dominik, Rojon, Isabelle
Format: eBook
Language:English
Published: Washington, D.C The World Bank 2023
Series:Other Environmental Study
Subjects:
Ghg
Online Access:
Collection: World Bank E-Library Archive - Collection details see MPG.ReNa
Description
Summary:International shipping accounts for nearly three percent of global greenhouse gas emissions. If no further action is taken, these emissions are set to grow significantly. Apart from reducing emissions, there is a strong call for shipping's decarbonization to be equitable. In this light, the International Maritime Organization is considering a price on carbon. This could raise USD 40 to USD 60 billion annually in revenues between 2025 and 2050. The report discusses which countries could access carbon revenues, for what purposes, and on what terms. It argues that revenues should be used to decarbonize shipping, enhance maritime infrastructure, and support broader climate aims. This (mix of options to use carbon revenues) would speed up shipping's transition to zero-carbon energy, help build the necessary infrastructure, lower maritime transport costs, and result in climate benefits beyond maritime transport. It would also ensure that all countries, including those with no shipping industry or ports, could access carbon revenues. By developing a smart and flexible framework, the report shows how carbon revenues could be distributed to maximize climate benefits and support an equitable transition