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US$5 billion fund to cut shipping CO2

A London-based trade association proposed creating an organization to run a US$5 billion research fund for eliminating carbon from global shipping.

LONDON (AN) — An international trade association proposed creating a non-governmental organization that would oversee a US$5 billion research fund to help eliminate carbon emissions from global shipping.

The London-based International Chamber of Shipping announced on Wednesday the fund would pave the way for the decarbonization of shipping through new technologies, zero-carbon fuels and other energy efficiency measures, including speed reduction. Global shipping contributes about 2% of global greenhouse gases.

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