December 2024: This exploratory analysis aims to fill a gap in the existing legal literature on the adoption of a greenhouse gas (GHG) pricing mechanism at the International Maritime Organization (IMO or Organization). First, it investigates whether the adoption of a GHG pricing mechanism which includes the potential use of funds for purposes aside from direct maritime transport decarbonisation is within the general competence of the IMO and supportive of the IMO’s objectives. Second, it considers the legality of the adoption of such a measure as an amendment to Annex VI of the International Convention for the Prevention of Pollution from Ships (MARPOL). The analysis indicates that there may be various scenarios in which the distribution of funds outside of the maritime transport sector, in conjunction with funding for direct maritime transport decarbonisation, better places Member States to fulfil the objectives of the 1948 Convention of the International Maritime Organization (IMO Convention) and provisions of the MARPOL Convention, when compared to a mechanism which reserves funds exclusively for maritime transport decarbonisation purposes.