In fact, the main players have recently decided to take concrete action on the environmental issue by announcing that they have presented their proposal to create an International Maritime Research Fund – IMRF to the IMO (International Maritime Organization).
This fund will be used in the R&D field to develop zero-carbon propulsion technologies and systems as well as eco-friendly fuels (hydrogen, ammonia, etc.): the aim is to reduce, by 2050, the greenhouse gases produced by the industry by 50% (compared to the levels recorded in 2008) and subsequently get to a total decarbonisation of shipping on a global scale.
The fund will be financed by shipping companies around the world through a contribution of USD 2.00 per tonne of marine fuel purchased. Considering the amount of fuel currently consumed by the industry globally, the total amount collected is expected to be USD 5 billion over a 10-year period.
The proposal to eliminate CO2 emissions has been jointly presented by BIMCO, CLIA, Interferry, International Chamber of Shipping (ICS), Intercargo, Intertanko, International Parcel Tankers’ Association, World Shipping Council. Together, these international associations represent over 90% of the world merchant fleet.