The International Chamber of Shipping (ICS) and International Maritime Organization (IMO) are seeking to fast track a proposed zero carbon R&D fund with $1.5m from the Green Climate Fund.

The Secretary Generals of the IMO and ICS, Kitack Lim and Guy Platten, met with Javier Manzanares, Deputy Executive Director of the Green Climate Fund in Glasgow during a shipping side event COP26.

The potential availability of $1.5m in funding from the GCF Project Preparation Facility (PFF) was discussed to accelerate the creation of the $5bn IMO Maritime Research Fund (IMRF).

The IMRF was proposed to the IMO by the industry in 2019 with $5bn in research into zero carbon fuels for shipping funded by a $2 per tonne bunker levy paid by ship operators. However, the proposal for the fund is yet to be approved by the member states of the IMO.

ICS’s Platten commented: “I am grateful for the leadership of the Green Climate Fund and their attention given to the initiatives highlighted here at COP26, as well as their interest in supporting the IMO Maritime Research Fund, particularly for developing countries. All the preparation has been done to ensure we can hit the ground running as soon as the IMRF proposal is approved.

“With the GCF funds we would also have the start-up funds in place. The only thing that can stop us now are Member States willingness to live up to the commitments they are making here in Glasgow.”

Javier Manzanares, Deputy Executive Director of the Green Climate Fund, said: “GCF supports the objective of reducing emissions within the maritime industry. The proposed Research and Development fund could provide access to climate technologies for developing countries with the aim of reducing the CO2 footprint of the shipping industry, which would be very welcome.”

Source: Seatrade Maritime News