International shipping, accounting for 3 percent of global greenhouse gas emissions, took a major step towards becoming a net zero industry by or around 2050. The development is historic as shipping is the first industry to finalise a legally binding regulatory framework for reducing emissions. The agreement is a much needed win for multilateralism at a time of geopolitical fragmentation. The regulatory framework combines mandatory emissions limits and GHG pricing across the industry sector. While historic the framework is far from the ambitious outcome that is required to hold global temperature increase to 1.5C.