Shipping industry group backs putting a price on carbon

A major maritime industry association on Monday backed plans for a global surcharge on carbon emissions from shipping as a way to help fund the sector's shift toward climate-friendly fuels.

The International Chamber of Shipping announced that it's proposing to the United Nations that all vessels trading globally above a certain size should pay a set amount per metric ton of carbon dioxide they emit. The shipping industry is estimated to account for nearly 3% of the greenhouse gas emissions that are driving global warming and projected to rise significantly. Some analysts expect that shipping will account for 17% of emissions by 2050, according to S&P Global.