Environmental Defence Fund explains that food security and revenue redistribution offer a vital lens through which to address concerns about the potential impacts of a carbon pricing system within the International Maritime Organization (IMO), reports Safety4sea.
Member states
As explained, many member states at IMO are concerned that a carbon price could potentially increase the costs of food or other essential commodities that people depend on. Recognizing these and similar equity focused concerns is an essential first step towards creating a just and equitable system that benefits everyone affected.
The California Climate Investments, funded through billions of dollars raised by California’s cap and trade climate program, should increase confidence that IMO can strategically use revenue redistribution to promote justice and equity alongside emissions reductions.
By creating a framework that addressed community concerns fairly, revenue from this carbon pricing system allowed funds to be managed and allocated in a way that directly addressed justice and equity. This project was then able to offer a channel to meet a new and unexpected need in 2021 when important COVID 19 health information was distributed along with fresh food.
Examples like this one can motivate and inform IMO decision makers to ensure similar investment opportunities are possible for stakeholders impacted by the possible negative side effects of shipping decarbonization.
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Source: Safety4sea
