Shipping companies worldwide are set to face the first international carbon tax on the industry, as many of the largest shipping nations agreed to new rules despite threats of retaliation from the United States.

Many of the world's largest shipping nations will decide Friday whether to impose a tax on carbon emissions from ships.

The International Maritime Organization set a target for the sector to reach net-zero greenhouse gas emissions by about 2050, and committed to ensuring that fuels with zero or near-zero emissions are used more widely.