A group of eight trade organizations that collectively represent 90% of the world’s merchant fleet have proposed a collaborative shipping research and development program to help eliminate CO2 emissions from international shipping. Their plan includes funding the program with $5 billion over a 10-year period. The shipowner groups said they are seeking to accelerate the development of commercially viable zero-carbon emission ships by the early 2030s. The groups making the proposal include organizations that represent a broad base of shipping companies – BIMCO and the International Chamber of Shipping – as well as groups that represent particular sectors of the shipping industry: the World Shipping Council, which represents the container liner industry; Cruise Lines International Association; Interferry; Intercargo, which represents dry bulk carriers; Intertanko, which represents tanker operators; and the International Parcel Tankers Association. In a joint press release, the groups note “international maritime transport carries around 90% of global trade and is currently responsible for approximately 2% of the world’s anthropogenic CO2 emissions. To achieve the Paris Agreement’s climate change goals, rapid decarbonisation is vital – also for international shipping.” They note the United Nations International Maritime Organization (IMO) agreed in 2018 to target an absolute cut in […]

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