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News: India and 62 other countries voted in favour of the world’s first-ever global carbon tax imposed on the shipping industry by the United Nations’ shipping agency. Carbon Tax.
About Carbon Tax
- A carbon tax is a type of penalty that businesses must pay for excessive greenhouse gas emissions.
- The tax is usually levied per ton of greenhouse gas emissions
- Objective: The tax is designed to encourage such businesses to reduce their output of greenhouse gases and carbon dioxide.
- The carbon tax is a type of Pigouvian tax.
Types of carbon tax
- Emissions-based tax: It is levied directly on the quantity of GHG emissions produced by an entity.
- Goods-based tax: It is applied to goods or services that are carbon-intensive, such as gasoline or coal. The tax is based on the estimated emissions associated with the production and use of these goods.
- Cap-and-trade system: It is a market-based approach to reducing GHG emissions, where a government sets a limit (cap) on total emissions and allows companies to buy, sell, or trade emission permits within that cap.
- Carbon tariff: Also known as carbon border adjustment mechanism (CBAM), it is an eco-tariff on embedded carbon, aiming to prevent carbon leakage from nations without a carbon price.
About International Maritime Organization (IMO)
- It is a specialized agency of the United Nations that is responsible for measures to improve the safety and security of international shipping and prevent marine pollution from ships.
- It has an integral role in meeting the targets set out in UN SDG 14: Conserve and sustainably use the oceans, seas and marine resources for sustainable development.
- Members: IMO currently has 176 member states. In addition, there are three associate members: Hong Kong, Macao, and the Faroe Islands.
- Structure: It consist of the assembly, representing the member states, and a council (an executive body, appoints secretary-general) elected by the members at two-year intervals.
- Headquarter: London, U.K.
Some of Important Treaties under IMO
- International Convention for the Safety of Life at Sea (SOLAS)
- International Convention on Standards of Training, Certification, and Watchkeeping for Seafarers (STCW)
- International Convention for the Prevention of Pollution from Ships (MARPOL)
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