ICS working towards net zero
The International Chamber of Shipping (ICS), along with the Bahamas and Liberia, has submitted a proposal for a zero-emission shipping fund (ZESF) to the UN's International Maritime Organisation (IMO).
The initiative aims to drive the global commercial shipping fleet towards net zero emissions by 2050, focusing on the development and adoption of zero GHG marine fuels and technologies.
Supported by mandatory ship emissions contributions, the fund seeks to bridge the cost gap between traditional and green fuels, encouraging investment in zero-emission solutions and supporting developing nations in their maritime GHG reduction efforts.
The proposal emphasises the need for a transparent, equitable, and simple global GHG pricing mechanism to be established by 2025 to meet the IMO's ambitious GHG reduction targets. (pb)