Many of the world’s largest shipping nations have agreed to impose a minimum fee on every ton of greenhouse gases emitted by ships above certain thresholds in what's effectively the first global tax on greenhouse gas emissions.

Nations are trying to reach an agreement to charge commercial vessels a fee for their emissions in what would effectively be the world’s first global carbon tax.

Arsenio Dominguez, secretary general of the International Maritime Organization, says international shipping companies need to do more to decarbonize their fleets right now.