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
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
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.