Headlines
UN shipping agency delays decision on carbon price under US pressure
Published by Global Banking and Finance Review
Posted on October 17, 2025
Global Banking and Finance Review
Company
Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Published by Global Banking and Finance Review
Posted on October 17, 2025
By Enes Tunagur and Jonathan Saul
LONDON -A majority of countries at the U.N. shipping agency voted on Friday to postpone by a year a decision on a global carbon price on international shipping, after failing to reach consensus on the emissions reduction measure amid U.S. pressure.
The decision to delay the deal is a blow to the European Union and other countries including Brazil which have been pushing for the global shipping industry to go greener and set out a price mechanism for decarbonisation.
Washington and Riyadh, the world's two largest oil producers, have strongly opposed a carbon price on shipping during talks in London at the International Maritime Organization (IMO).
The Trump administration is looking to boost U.S. economic might, including by taking a bigger role in global shipping, and has used tariffs as a weapon to extract better terms from Washington’s trade partners.
After days of disagreements, Saudi Arabia tabled a motion on Friday to defer discussions for one year, which was passed by a simple majority of 57 countries with 49 opposed who sought to continue with a deal.
U.S. President Donald Trump called on IMO member states on Thursday to vote no, saying on his Truth Social platform that Washington would "not stand for this global green new scam tax on shipping and will not adhere to it in any way, shape or form".
"The delay leaves the shipping sector drifting in uncertainty," said Faig Abbasov, director of shipping with environmental group Transport & Environment.
The IMO struck a preliminary deal to charge the global shipping industry for emissions in April after the U.S. pulled out of associated talks, prompting Washington to threaten
to use visa restrictions and sanctions on countries that voted in favour.
The IMO, which comprises 176 member countries, is responsible for regulating the safety and security of international shipping and preventing pollution.
"Let’s not celebrate. There are concerns we need to address," IMO Secretary-General Arsenio Dominguez told delegates in closing remarks.
Global shipping accounts for nearly 3% of the world's CO2 emissions. About 90% of the world's trade is conducted by sea, and emissions are set to soar without an agreed mechanism.
(Reporting by Enes Tunagur and Jonathan Saul; Editing by Peter Graff and Emelia Sithole-Matarise)