Japan, one of the world's top shipping operators, will submit details of its proposal for an international levy on marine fuel ahead of a meeting of the U.N.'s shipping agency in March, a government official said on Friday.(emphasis mine)
Under the proposal, which was first touted last year as an alternative to an idea supported by some European countries to introduce an emissions trading system in the sector, money raised would be used to help cut carbon dioxide emissions relating to shipping in developing countries.
Funds would be spent in areas including improving conditions at ship recycling yards, many of which are located in India and Bangladesh, the official said.
Ships that improve their fuel efficiency and new ships that exceed efficiency requirements would be offered partial refunds on the levy.
Everyone wins, except, of course, the traders on Wall Street, the City, and the Nihombashi in Tokyo, because they don't get to charge commissions on the fees for carbon trading, charge yet more fees for creating carbon based derivatives, and then get bailed out by the taxpayers when their house of cards collapses.
I can live with that.
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