Public Photos / Files – downloadbuttonRepresentatives of the global shipping industry, supported by governments, have laid out proposals on how a planned global R&D fund can be tailored to support developing economies.

Updated proposals submitted to the UN International Maritime Organization (IMO) outlined how a planned $5bn IMO Maritime Research Fund (IMRF), which will accelerate the development of zero-carbon technologies and fuels, could also be used to support the maritime decarbonisation efforts of developing countries.

Approval of the IMO Maritime Research Fund would see US$500 million per year added to existing IMO GHG reduction initiatives over the next ten years, funded entirely by industry.

Led by the International Chamber of Shipping and eight other international shipping associations which collectively represent the global merchant fleet, the modified proposal envisages allocating about 10% of the Fund to greenhouse gas (GHG) reduction projects in developing countries, including climate vulnerable small island states.