This week, the International Maritime Organization (IMO) is meeting to vote on its Net-Zero Framework. In response, the Wall Street Journal Editorial Board has voiced strong criticism, labeling the proposal a global carbon tax that lacks democratic oversight.

In an opinion article published today, the Editorial Board describes the IMO's framework as "taxation without representation." They highlight that it's the first time the U.N. has claimed the authority to impose a tax which would channel funds directly into a U.N. managed account.

The new framework would impose fees of $100 to $380 per metric ton of carbon dioxide emitted by ships beyond certain limits. This could bring in annual revenues of $10 billion to $12 billion. The Board warns that these fees might raise global shipping costs by as much as 10%, which would lead to higher prices for American consumers on imported goods.

Unlike traditional U.N. funding, where about 90% of revenue comes from governments accountable to taxpayers, this carbon tax would be "paid by ship owners directly into a new 'Net Zero Fund,'" managed by IMO personnel. The Editorial Board points out that besides funding green shipping technology, the IMO intends to use some of the money for "just-transition initiatives in developing countries" and to "mitigate negative impacts" of climate change on "vulnerable States."

"In other words, this is another scheme for income redistribution to support whatever ideas the U.N. bureaucracy finds deserving," the Editorial Board concludes.