India approves first worldwide shipping carbon tax.

• India and 62 other countries have voted in favor of the first-ever global carbon tax on the shipping industry.

• The decision was made at the International Maritime Organisation (IMO) headquarters in London.

• The tax aims to reduce maritime greenhouse gas emissions and promote cleaner technologies.

• Starting 2028, ships will have to switch to lower-emission fuels or pay a fee for pollution.

• The tax could generate up to $40 billion by 2030.

• The tax will ring-fence all revenues for decarbonising the maritime sector, not for broader climate finance efforts.

• The tax is expected to reduce shipping emissions by only 10% by 2030, short of the IMO’s target of 20%.