A global proposal backed by 47 governments and the global shipping industry has been submitted to the International Maritime Organization (IMO) to introduce a new greenhouse gas emissions pricing system for international shipping. The plan aims to reduce the environmental impact of the maritime industry and achieve net-zero GHG emissions by 2050. Ships on international voyages will pay an annual levy based on the amount of carbon dioxide equivalent (CO2e) emissions they produce. The funds collected will go into an 'IMO GHG Strategy Implementation Fund' to support initiatives for reducing shipping emissions and incentivizing the use of zero-emission marine fuels like ammonia, green methanol, and hydrogen. The proposal has garnered support from major shipping nations, the European Union, and various countries worldwide. The International Chamber of Shipping (ICS) has fully backed the proposal, emphasizing its effectiveness in incentivizing a rapid energy transition in shipping. The proposed GHG levy suggests rates for ships to pay based on their emissions, with the revenue collected to fund the development and adoption of cleaner fuels, aiding in the industry's transition to zero-emission technologies. The proposal will undergo discussions at upcoming IMO meetings and if approved, the levy will start in 2028. The revenue generated will support the development and adoption of cleaner fuels, ultimately helping the shipping industry transition towards zero-emission technologies. While most governments and the shipping industry support the proposal, efforts are being made to address concerns of some countries to ensure global implementation by early 2027.