The shipping industry recognizes the urgency to move forward with workable solutions to meet ambitious net zero targets. The purpose is to accelerate transition by the global commercial shipping fleet to net zero emissions by 2050 and support the maritime GHG reduction efforts of developing countries.
In this context, the International Chamber of Shipping (ICS), the Commonwealth of The Bahamas, amongst other have submitted a detailed proposal to the International Maritime Organisation (IMO) for a Zero Emission Shipping Fund to accelerate transition to net zero by 2050.
The joint proposal includes a simplified pricing mechanism, comprising a flat-rate contribution per tonne of GHG emitted with incentives for zero and near-zero emissions fuels, adding provisions for increased transparency and accountability.
Recently, the International Association of Dry Cargo Shipowners (INTERCARGO) endorsed in principle the updated joint proposal by Bahamas, Liberia, and the International Chamber of Shipping (ICS).
