UK Chamber of Shipping

‘In an unprecedented move, the international shipping community has today announced plans to create the first collaborative shipping R&D fund, intended to eliminate CO2 emissions from international shipping.

The proposal includes core funding from shipping companies across the world of about $5 billion over a 10-year period

Welcoming the news, UK Chamber of Shipping Chief Executive Bob Sanguinetti said:

“Climate change is a serious challenge for us all. That is why we have called for a Green Industrial Revolution to make the UK a world leader in the development of green maritime technology.

“This new multi-billion-dollar fund is a game-changing development. It shows just how serious the industry is about reducing its emissions and tackling climate change. It is a huge step in the right direction to achieving net-zero emissions by 2050.”

Speaking on the announcement, Esben Poulsson, Chairman International Chamber of Shipping said:

“The coalition of industry associations behind this proposal are showing true leadership. The shipping industry must reduce its CO2 emissions to meet the ambitious challenge that the International Maritime Organization has set. Innovation is therefore vital if we are to develop the technologies that will power the 4^th Propulsion Revolution. This proposal is simple, accountable and deliverable and we hope governments will support this bold move.”

This will be financed by shipping companies worldwide via a mandatory R&D contribution of USD 2 per tonne of marine fuel purchase for consumption by shipping companies worldwide. Although the R&D scheme and its funding is an initiative of the leading international ship owners’ associations, additional stakeholders’ participation is welcomed. This move is a vital step towards the decarbonisaion of shipping.

To achieve the Paris Agreement’s climate change goals rapid decarbonisation is vital. The move will provide funding to much needed advances in maritime innovation and technology, to help develop the zero-emission solutions of the future that shipping sorely needs.  Click here to read more

BBC ‘A group of ship owners have announced plans for a $5bn (£3.8bn) fund to design zero-emissions vessels.

They say $2 (£1.50) should be levied on every tonne of ships’ fuel – to support research into clean engines. Shipping creates about 3% of the emissions that are over-heating the climate – equivalent to all of Germany’s CO2. Environmentalists welcomed the proposal but also described it as too little, too late. They say it’s outrageous that international shipping pays no fuel taxes, unlike lorry owners.

Green groups argue that if ships were taxed at the same level as lorries, 70 times more cash for developing clean engines would be raised in Europe alone. Around 250m tonnes of fuel a year are burned by ships. The International Chamber of Shipping (ICS) says that 90% of owners globally are behind the $2 levy on fuel.’ Click here to read more