Shipping industry calls for action on multi-billion decarbonisation fund

The call was made by a coalition of international shipowner associations, which collectively represent all sectors and trades and over 90% of the world merchant fleet, including BIMCO, the ICS, Intercargo, Interferry and Intertanko.

Collectively, the associations note that the world’s governments agreed at the recent IMO meeting (MEPC 76) to continue work on the IMO-supervised USD 5 billion R&D Fund programme, to be led by a new International Maritime Research and Development Board (IMRB), with many nations stepping up to support the proposal.

The USD 5 billion R&D programme is designed to accelerate the development and introduction of zero-emission technologies and fuels for maritime transport, which are vital for allowing the industry to decarbonise.

“The R&D fund proposal can be agreed and put in place by 2023. Governments rightly call for innovation and for decarbonisation to happen now. This is now, and we need IMO member states to move forward and allow us to accelerate the R&D needed without further delay,” the industry organisations said.

The groups concluded by urging governments to approve the proposed amendments to Annex 6 of MARPOL at MEPC 77 in November. The IMO meeting in London in November 2021 will coincide with the UN Climate Conference (COP 26) in Glasgow.