The UN International Maritime Organisation is moving closer to establishing a global carbon price for the shipping industry. With the majority of member states expressing support, proposals include a levy on greenhouse gas emissions and a fuel standard to promote the use of green energy over time. This initiative aims to transition the shipping industry to zero-carbon technology, essential for achieving international climate goals. While progress has been made through stricter standards and efficiency measures, further steps are needed to reduce net greenhouse gas emissions. The debate revolves around setting the right carbon price to encourage the adoption of green fuels like hydrogen and ammonia, with varying proposals from different nations and industry stakeholders. Investments of $70-90 billion annually are projected to be necessary for the sector to decarbonize successfully, with a focus on building green fuel production facilities. Despite disagreements on specific details, the maritime industry is gearing up for a significant transformation towards sustainability and energy efficiency.