The world desperately needs to decarbonize shipping. Can nations find a consensus?
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The shipping industry has been facing an acute crisis. For the first time in modern history, both of the Middle East’s critical waterways — the Strait of Hormuz and the Red Sea — were effectively closed for the past several weeks. Since early March, as Iran and Houthi rebels threatened ships attempting to cross these waterways and blocked the movement of oil in response to U.S.-Israel bombing, crude oil prices have soared. Maritime fuel costs in turn rose so sharply that some biofuels are now ch
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