The 194-nation UN Framework Convention on Climate Change (UNFCCC) has put a draft proposal to tax the global shipping industry for CO2 emissions at the UN talks on climate change in Durban. The Green Climate Fund is based on a carbon price of 25 dollars a tonne and would generate 25 billion dollars a year and help reduce greenhouse gases by 10% by 2020. The cost of transport under the plan would go up by 0.2 percent.

Tim Gore Policy Analyst Oxfam "A single ship can emit as much carbon dioxide in one year as several small island states," which has help push the idea of a so-called "bunker fuel tax". The taxation of maritime sector emissions is the most promising source of funds at this point. This is the one where we can make some real progress here in Durban."

According to the International Maritime Organisation (IMO) almost 100,000 cargo vessels are in use on the oceans, the shipping sector would rank seventh in the world in carbon emissions if it were a country. A World Bank study released in September estimated that a carbon levy would result in an emissions reduction of five to 10 percent.

In a joint statement, the International Chamber of Shipping (ICS), WWF and Oxfam said carbon emissions from merchant ships could be subjected to "market-based measures" as an incentive to reduce greenhouse gases.

Peter Hinchliffe Secretary General ICS ”The rules should be crafted under the IMO with the same rules for carbon reduction applying to all internationally trading ships, but in a manner which respects the principles of the UN climate convention. If governments decide that shipping should contribute to the UNFCCC 'Green Climate Fund', the industry can probably support this in principle."