The ICS Board has submitted a revised proposal to the International Maritime Organization (IMO) that reaffirms the industry’s commitment to meet 2050 net zero carbon goals and sets out the full details of how this can be achieved via a ‘Fund and Reward’ system .
The Fund and Reward mechanism will be financed by a mandatory contribution by ships per tonne of CO2 emitted to an IMO fund, which will reward first movers for the CO2 emissions prevented by the use of alternative fuels such as methanol, ammonia and hydrogen, as well as sustainable biofuels and synthetic fuels plus new technologies including carbon capture.
In addition to funding the rewards programme for the uptake of low and zero-carbon fuels the contributions by shipping companies will generate billions of dollars annually to support the production of alternative marine fuels in developing countries. The fund will also be available to de-risk the rollout of the new bunkering infrastructure that will be required on an accelerated timescale.
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