$5bn ‘moon-shot’ to decarbonise shipping

The shipping industry has welcomed a ‘moon-shot’ proposal from governments to set up a $5bn fund to fund research and development to help meet UN decarbonisation goals.

BIMCO, CLIA, IMCA, Intercargo, Interferry, the International Chamber of Shipping, Intertanko, IPTA and the World Shipping Council have responded to the UN Secretary-General’s call for “urgency and ambition” on climate change, and the entire global shipping industry is giving “full and unequivocal” backing to a proposal submitted by governments to catalyse the complete decarbonisation of maritime transport by deployment at scale of zero-carbon ships within a decade.

The proposal, being submitted by governments controlling a major share of the world’s shipping tonnage to the UN International Maritime Organization (IMO) is to establish a $5bn IMO Maritime Research Fund using mandatory contributions from the world’s shipping companies.

The new Fund will support a new International Maritime Research and Development Board (IMRB) to commission collaborative programmes for the applied research and development R&D of zero-carbon technologies, specifically tailored for maritime application, including development of working prototypes. It will also assist CO2 reduction projects in developing countries, including Pacific island nations.

International shipping transports more than 80 per cent of global trade and emits 2 per cent of global emissions.Recognising the urgency and ambition required to decarbonise, shipping industry groups are calling for all governments to be on the right side of history in supporting this ambitious proposal.

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