'Anything short of a global solution represents a failure on climate change. As long as our fuel is carbon based, green house gas reductions will be limited,' said WSC chief executive John Butler.
Radical GHG reductions will only come from identifying, developing, and deploying new fuels, said the WSC release.
'We must keep our eye on our ultimate goal of decarbonisation and accelerate research, development, and deployment of new fuels and technologies,' Mr Butler said.
'To halve shipping emissions by 2050, we need zero carbon ships on the water in the early 2030s. We should have started 10 years ago, so there is even more reason to act decisively now,' he said.
The WSC said the UN's International Maritime Organisation (IMO) has the opportunity to take concrete action for our climate, by supporting and fast-tracking the creation of an International Maritime Research and Development Board.
Mr Butler seeks US$5 billion in core funding over a 10-year period, raised though taxation of the industry to create an 'International Maritime Research and Development Board' to accelerate efforts to decarbonise shipping.
'There is a detailed proposal on the table, ready to go. It's not the only step that we have to take, but if we don't take this step, we stand little chance of reaching our decarbonisation objectives,' Mr Butler said.