Those who do not follow the guidelines will have to pay an annual fee for each ton of emitted greenhouse gas that exceeds the set targets.
The money from the penalty fees will be used, according to IMO, to "reward" green technologies for zero- or near zero-emissions and to support developing countries in their transition.
The majority of the 63 member countries – including the EU, Brazil, China, India, and Japan – voted in favor of the agreement. 16 countries, including Saudi Arabia and Russia, voted against.
The agreement was finalized after the USA left the negotiations on Wednesday. In a statement to the negotiators, the USA rejects all proposals that "impose" fees on American ships based on emissions or fuel consumption, reports NRK.
Several island nations in the Pacific and the Caribbean, which are particularly vulnerable to the effects of climate change, wanted to see a more ambitious agreement and abstained from voting.
