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Denmark becomes co-sponsor of $5 billion research fund to decarbonize shipping

Denmark becomes co-sponsor of $5 billion research fund to decarbonize shipping

Denmark has become a co-sponsor of a plan to establish a $5 billion International Maritime Research and Development Board (IMRB) at the United Nations' International Maritime Organization (IMO).

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Georgia, Greece, Japan, Liberia, Malta, Nigeria, Palau, Singapore, and Switzerland submitted the request on March 10, 2021. More countries are expected to join the cause, according to the World Shipping Council.

The $5 billion will be collected over the course of the program's 10 to 15-year lifetime through a mandatory contribution of $2 per tonne of fuel oil consumed, using the Fuel Oil Data Collection System mechanism already developed by MARPOL Annex VI.

It is co-sponsored by BIMCO, Cruise Lines International Association, IMCA, INTERCARGO, INTERFERRY, International Chamber of Shipping, INTERTANKO, IPTA, and World Shipping Council, as well as all of the world's main international shipowners' associations.

The fund will support collaborative projects for applied research and development of zero-carbon technologies, with an emphasis on maritime applications, as well as the production of working prototypes.

The fund is seen as a critical tool for fostering the growth of zero-carbon technologies and fuels that will enable the shipping industry to achieve its decarbonization targets.

Maritime Business World 

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