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