Industry backs decarbonisation plan

The proposal, being submitted to the IMO by governments controlling a major share of shipping, is to establish a US$5 billion IMO Maritime Research Fund using mandatory contributions from shipping companies.

The fund will support a new International Maritime Research and Development Board (IMRB) which will commission research and development into zero-carbon technologies specifically tailored for maritime application. It will also assist CO2 reduction projects in developing countries.

The shipping industry is urging all governments to approve this proposal at a critical IMO meeting in London in November 2021, which will coincide with the next UN Climate Conference (COP 26) in Glasgow, arguing that this is the only detailed proposal which can deliver the speed and scale called for by UN Secretary-General, António Guterres.

International shipping transports more than 80% of global trade and accounts for 2% of global emissions. The big challenge is not building a single zero carbon ship, it is in creating the technologies needed to decarbonise the entire global fleet at speed and scale. Zero-carbon technologies do not yet exist that can be applied at such a scale, so R&D is crucial.