The announcement comes some days after the company revealed plans to reduce shipping emissions at 15% by 2020, demanding from some of its food manufacturer customers to conduct more environmentally-friendly operations.

As such, all businesses and entrepreneurs who have a product in need of commercial assessment, testing, investment and scaling can apply to participate in the CO2 Challenge immediately, with an application deadline of 17 September 2018.

Jan Dieleman, president of Cargill’s ocean transportation business, said:

By taking this innovative approach, we hope to uncover new technologies, new ideas and new ways of working to help our industry meet the challenge of decarbonization and reduce its impact on global warming. Applicants have a unique opportunity to see their product make it onto a vessel and, hopefully, into wider commercial production.

Under the Project, DNV GL will provide its technical expertise helping to conduct assessments of the technologies proposed and modeling potential efficiency gains. Cargill adds trading and operations experience to the Challenge.

The IMO strategy for carbon reduction sets a clear target for shipping. Initiatives like the CO2 Challenge are an important part of helping our industry reach these ambitious but achievable goals. As an industry, we need to explore solutions like zero-carbon fuels, energy efficiency measures, efficient vessel designs, and better ship utilization backed by deep technical knowledge, solid data and analysis,

...says Trond Hodne, senior vice president, sales & marketing director at DNV GL - Maritime.