Shippers Warn Net Zero Plan Could Cost Over $300 Billion by 2035

A group of shipping firms warned that the International Maritime Organization’s planned net zero rules risk imposing significant costs on the industry.

The IMO, shipping’s global regulator, has set a goal of net zero for shipping by mid-century and next month aims to formally adopt a plan that would see ships pay levies for at least some of their emissions. The US has criticized the IMO’s Net Zero Framework, labeling it a “global carbon tax.”

The sector faces paying about $20 billion to $30 billion a year by 2030, shippers representing more than 1,200 vessels said in a ...