IMO talks on shipping levy hit a dead end: Negotiations on how to implement a proposed levy on shipping emissions reached a stalemate last week when shipping executives and negotiators from various countries gathered in London to discuss the proposal, the Financial Times reported on Friday. A USD 100 levy on each tonne of shipping’s carbon emissions has been pushed by many small island states threatened by sea level rises, with the funds intended for distribution to the countries affected by climate change.

Waters are choppy: “There are no real discussions on the actual amount, because we are not even having agreement in the room how [the economic measure] could be constructed,” Bimco’s Lars Robert Pedersen told the FT as he left the meetings on Thursday. Negotiators are at loggerheads over how the proceeds of the economic measure should be divided, and some are pushing for a measure that would only charge ships with emissions above a certain threshold, while offering payouts as an incentive to those who pollute the least.

But the small islands are pushing on: “There is so much politics that has come into what should be a technical conversation. The islands have become the adults in the room [and] need to break the chokehold [that the world’s biggest countries hold on the IMO]. It is a suit boys club,” Ambassador for the Marshall Islands Albon Ishoda said. The small island developing nations recently won backing from the EU, Canada, South Korea, and Japan, along with support from Africa for the proposal, the FT writes.

Who is holding out? Major exporters including Brazil, China and South Africa have historically resisted such proposals in fear they would drive up the costs of commodity trade, the FT writes. Shipowners — who play a significant role in IMO negotiations — are divided on the issue. The Danish company AP Møller-Maersk, which has begun investing in ships that could run on green methanol, is among those worried about losing their competitive edge if a cost is not imposed on fossil fuels.

India + US to cooperate on critical minerals supply chains: India and the US signed an MoU on Friday to collaborate on enhancing the resilience of critical mineral supply chains essential for clean energy transition, Reuters reported. Priorities of the cooperation include “identifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of U.S. and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery,” a US Commerce Department statement read.

The US has been on a quest to edge out China’s dominance in critical minerals supply chains: The US finalized a critical minerals agreement with Australia last month aimed at reducing reliance on China, which reportedly controls 70% of the global rare earth market.

Nikola sees a rise in hydrogen-powered truck deliveries: American electric truck manufacturer Nikola saw an increase in wholesale deliveries of hydrogen-powered electric trucks by 22% y-o-y in 3Q 2024, Reuters reported on Wednesday, citing a statement. The EV maker sold 88 of its Class 8 Nikola hydrogen fuel cell trucks wholesale during 3Q, adding up to a total of 200 trucks throughout the first three quarters of 2024. The truck sales fall within the company’s guidance of between 80-100 fuel cell units per quarter.

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