A group of governments, controlling a major share of world shipping tonnage, have submitted a proposal to IMO to establish a $5 billion USD “IMO Maritime Research Fund”, using mandatory contributions from the world’s shipping companies for industry decarbonization.
The proposal was submitted by Georgia, Greece, Japan, Liberia, Malta, Nigeria, Palau, Singapore, Switzerland, in response to a call by the UN Secretary-General for “urgency and ambition” on climate change.
The move was welcomed by major shipping associations, including BIMCO, CLIA, IMCA, INTERCARGO, INTERFERRY, ICS, INTERTANKO, IPTA and World Shipping Council, who expressed “full and unequivocal” support to the “moon-shot proposal” seeking to catalyse the complete decarbonization of maritime transport by deployment at scale of zero-carbon ships within a decade.
As explained, this new $5 billion USD Fund will support a new International Maritime Research and Development Board (IMRB) to commission collaborative programmes for the applied research and development R&D of zero-carbon technologies, specifically tailored for maritime application, including development of working prototypes. It will also assist CO2 reduction projects in developing countries, including Pacific island nations.
The shipping industry is urging all governments to approve this mature moon-shot proposal at a critical IMO meeting in London in November 2021, which will coincide with the next UN Climate Conference (COP 26) in Glasgow. This is the only fully detailed proposal available to deliver the speed and scale called for by UN Secretary-General, António Guterres. Failure by UN member states to support this initiative could significantly set back progress towards the decarbonisation of shipping,
…the joint industry statement reads.
The proposal is based on the fact that decarbonization can only take place with a significant acceleration of R&D, as zero-carbon technologies do not yet exist that can be applied at scale to large ocean-going ships.
The big challenge is not building a single zero carbon ship, the big challenge is creating the technologies needed to decarbonise the entire global fleet at speed and scale. The sooner the IMO Maritime Research Fund is established, the sooner industry can develop zero emission ships to decarbonise maritime transport.
International shipping transports more than 80% of global trade and emits 2% of global emissions, current data suggest.
