Van AalstTMS Awards 2023Bühler GmbHViganCimbriaPort of Stockton
  • TBA Group
  • Geneva Dry
  • Cimbria
  • Bühler GmbH
  • Sailors Society
  • Port of Stockton

Shipping backs UN’s $5bn decarbonisation “Moon Shot”

(Posted on 11/03/21)

Responding to the UN Secretary-General’s call for “urgency and ambition” on climate change, the entire global shipping industry is giving “full and unequivocal” backing to a moon-shot proposal submitted by governments, to catalyse the complete decarbonisation of maritime transport by deployment at scale of zero-carbon ships within a decade.

The proposal, being submitted today by governments controlling a major share of the world’s shipping tonnage to the UN International Maritime Organization (IMO) is to establish a $5 billion USD “IMO Maritime Research Fund” using mandatory contributions from the world’s shipping companies.

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 – led by major shipping nations including Georgia, Greece, Japan, Liberia, Malta, Nigeria, Singapore, Switzerland – 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.

Decarbonisation 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. A well-funded R&D programme, which the industry has agreed to pay for within a global regulatory framework, needs to commence immediately under the supervision of the UN IMO.

Recognising the urgency and ambition required to decarbonise, shipping industry groups are calling for all governments to be on the right side of history in supporting this ambitious proposal.

International shipping transports more than 80 per cent of global trade and emits 2 percent of global emissions. 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.

Latest News

ESL to sell Supramaxes

(Posted on 25/03/24)

ESL Shipping, a leading carrier of dry bulk cargoes in the Baltic region, has signed a memorandum of... Read more


Sustainable fuels can reach cost parity with fossil fuels by 2035

(Posted on 25/03/24)

New Wärtsilä analysis shows EU ETS and FuelEU Maritime will close price gap, creating policy... Read more


Swedish Club delivers firm foundation for future growth

(Posted on 25/03/24)

The Swedish Club reported positive results for 2023, combined with an emphasis on supporting its members... Read more


DNV establishes Tanker and Bulker Expert Team in China

(Posted on 18/03/24)

DNV has established a Tanker and Bulker Expert Team based in Shanghai. With strong global demand and... Read more


ClassNK notation for improvements in living and working environment

(Posted on 18/03/24)

ClassNK has granted its “ELW” (Excellent Living and Working Environment) notation to &ldquo... Read more


Boers: crews' health should not be sacrificed while at out sea

(Posted on 15/03/24)

Leading crew change specialist Boers Crew Services says the industry should be collaborating more to... Read more


Wärtsilä simulator technology for Sharjah Maritime Academy

(Posted on 15/03/24)

Technology group Wärtsilä has supplied its latest simulator technology to the prestigious... Read more


ASL rebrands as Adhira Shipping and Logistics and expands range of logistics services

(Posted on 10/03/24)

Adhira Shipping and Logistics (ASL) has launched an integrated suite of logistics and transportation... Read more


Attack on MV True Confidence – INTERCARGO statement

(Posted on 10/03/24)

The International Association of Dry Cargo Shipowners (INTERCARGO) had joined shipping industry associations... Read more


Diverse Algoma fleet contributes to revenue growth

(Posted on 29/02/24)

Algoma Central Corporation has reported its results for the year ended December 31, 2023. Algoma reported... Read more


Port of South LouisianaGeneva DrySailors SocietyTBA GroupTelestack
  • Vigan

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping