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International Chamber of Shipping seeks US$54 billion eco fund on CO2

SHIPOWNERS, of the International Chamber of Shipping, have proposed a US$54 billion fund, to which owners would contribute $5 billion, to be spent on research into eliminating CO2 emissions

25 February 2020 - 19:00

SHIPOWNERS, of the International Chamber of Shipping, have proposed a US$54 billion fund, to which owners would contribute $5 billion, to be spent on research into eliminating CO2 emissions.

The programme, said the press release from the Society of Corporate Compliance and Ethics (SCCE), is an attempt to get ahead of current and emerging regulatory requirements to reduce emissions in the shipping industry.



The UN's International Maritime Organisation (IMO) sulphur cap recently went into effect, but so far most of the shipping industry has yet to fully comply.



According to the International Chamber of Shipping, highlights include a new non-governmental research and development organisation to pave the way for decarbonisation of shipping.



It will also include funding from shipping companies across the world of about $5 billion over a 10-year period as well as an acceleration of the development of commercially viable zero-carbon emission ships by the early 2030s.



The proposal comes as the shipping industry deals not only with the IMO sulphur cap, but also a push by the EU to include shipping emissions in the New Green Deal.


WORLD SHIPPING

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