April 11, 2008 - The International Maritime Organization (IMO), a U.N. regulatory body, may place a tax on marine fuel as early as next year in a bid to reduce greenhouse gas emissions from the shipping industry, Reuters reports.

"The carbon tax would clearly be an additional cost for operators who will pass it on," says Simon Bennett, secretary at the International Chamber of Shipping, "but you have to see it in the context of the overall transport cost, which is still small."

Maritime shipping - which currently carries 90% of the world's traded goods - released 1.12 billion metric tons of carbon dioxide in the atmosphere last year (or about 3.5% of the planet's total emissions), according to a recent IMO study. Emissions may increase 30% by 2020, IMO estimates, although some place the figure much higher.

"We believe the IMO is grossly underestimating future growth in shipping," said Christian Eyde Moller, CEO of DK Group, a company that specializes in reducing ship emissions.

IMO is also weighing other regulatory options, including creating a carbon credit market for ship exhaust and an emissions index for new ship designs to help companies choose greener vessels.