Saudi Arabia challenges legality, trade cost of IMO green framework
- Taxing shipping emissions would raise food and commodity costs, with developing countries hardest hit, Saudi Arabia argues
- Says NZF’s ability to raise and spend funds and penalise non-compliance goes beyond Marpol’s legal scope
- Saudi modelling did not compare the costs of the scheme with those of doing nothing to stop climate change
Saudi Arabia is leading petrostates’ political charge against the IMO Net-Zero Framework, arguing it would cause global inflation, slow economic growth and shift too much power from states to the IMO
