Shipowners propose $5bn fund to cut CO2 emissions

The global shipping industry has called on the International Maritime Organization (IMO) to create a $5bn (€4.6bn) programme for research and development to cut CO2 emissions from the sector.

The proposal was presented on Wednesday by eight international shipowners’ associations representing 90% of the world merchant fleet. 

The industry called for the establishment of a maritime research and development board overseen by IMO member states. The organisation would be financed by shipping companies through a mandatory contribution of $2 per tonne of fuel purchased, raising about $5bn in 10 years.

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