1346 ET - The UN maritime regulator approved a carbon tax on ships, aiming to push owners to cut their fleets' emissions by 65% over the next five years. Many issues still need to be ironed out with the deal cut at a meeting of the International Maritime Organization, including a boycott of the talks by the U.S. If adopted, however, it would be the world's first global carbon tax. The IMO will meet in October to ratify the pact. The U.S. boycott was the first since the IMO Convention entered into force in 1958. The plan calls for owners of older, highly polluting ships to pay $380 per metric ton on the most intensive CO2 emissions, with cleaner ships paying less or no levy. (costas.paris@wsj.com)

(END) Dow Jones Newswires

April 11, 2025 13:46 ET (17:46 GMT)

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