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In just over a week’s time the International maritime Organization will take what could be one of the most consequential votes shipping’s history.

At an extraordinary meeting of the Marine Environment protection Committee, IMO member states will vote on whether to formally adopt the net zero framework agreed at MEPC83 in April.

A yes would see shipping adopt the world’s first legally binding carbon price.

A no would undo years and years and work and dump the industry back where it started.

Lloyd’s List senior reporter Declan Bush explains what will actually be voted on next weekand outlines the consequences of a yes vote, and perhaps more pertinently, what happens if the answer is no.