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China proposes market-based plan to spur shipping decarbonisation

Market-based measures to reduce shipping’s carbon output are highly politically sensitive, but China and a powerful group of developing nations have proposed a new ‘International Maritime Sustainability Funding and Reward’ mechanism that promises to spur uptake of zero-carbon fuels, while fixing problems of cost and fairness

Argentina, China, Brazil, South Africa and the United Arab Emirates have proposed a market-based emissions measure at the International Maritime Organization. The proposal, while less ambitious than some rival plans, marks a notable step towards decarbonisation by countries not known for their climate activism at the IMO

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