Locator: 49432COTD.
A simple graph that western countries have trouble interpreting.
WSJ opinion: link here. UN blinks on global tax on CO2.
The International Maritime Organization, an arm of the U.N. based in London, had intended this week to approve the new tax on carbon-dioxide emissions from cargo ships for purposes of mitigating climate change. It would have been the first global carbon tax, and the first global tax of any kind paid directly to the U.N. Shippers would have had to pay a fee per metric ton of “excess” carbon-dioxide emissions into an IMO-managed fund, with the money then divvied up to various governments and businesses. The cost inevitably would be passed onto consumers.
That is, until the U.S. stepped in. The Administration warned last week it would consider imposing sanctions on any government that voted for the tax. Washington worried the plan would cause inflation by driving up shipping costs. The whole project smacked of the taxation without representation that America was founded to resist. President Trump weighed in with his own social-media post on Thursday.
Amid the U.S. pressure, IMO members on Friday voted to shelve the issue for at least a year. They’d do better to drop it entirely, but at least the delay gives everyone a face-saving off-ramp.
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