Many of the world's largest shipping nations decided Friday to impose a minimum fee of $100 for every ton of greenhouse gases emitted by ships above certain thresholds, in what is effectively the first global tax on greenhouse gas emissions.

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.

India joined 62 countries in agreeing to the world's first-ever global carbon tax by bringing commercial shipping under this mechanism to tackle greenhouse gas emissions in the sector. Under the agreement,