Global Shipping Faces $300 Billion to Reach Net Zero

Douglas McIntyre, Editor-in-Chief at Climate Crisis 24/7, reported that the shipping industry may need to spend $300 billion by 2035 to reach net zero, based on climate plans from the International Maritime Organization. The ultimate target is net zero by 2050, but critics already call the initiative a “climate tax.” According to Bloomberg, the annual costs could reach $30 billion, with inflationary risks likely to pass expenses onto consumers. McIntyre also noted that land and air shipping face similar hurdles, with the transition to EV fleets potentially nearing $1 trillion in costs.