IMO to give further consideration to $5 billion R&D decarbonization proposal

To remind, the proposal is a research and development programme which goals to catalyse the transformation of the industry from dependence on fossil fuels to operating with zero-carbon energy sources.

In ligh of the above, IMO has given initial consideration to the proposal, to collectively provide USD 5 billion and enhance the R&D decarbonisation initiative.

Through their approval, the USD 5 billion programme, which will be conducted by a new International Maritime Research and Development Board (IMRB), will focus on accelerating the introduction of zero-emission technologies for maritime transport.

For the records, behind the decarbonization proposal, are BIMCO, CLIA, INTERCARGO, INTERFERRY, ICS,

The Industry is eager to work with governments to ensure that this initiative is implemented as soon as possible, aiming for the IMRB to be operational by 2023. Every advance in technological certainty increases investment certainty, reducing the future cost of the transition to zero-carbon fuels and technologies, and accelerating the pace at which that transition can occur.

…as ICS Shipping noted.

With USD 5 billion in core funding over a 10-year period, generated from industry contributions, the IMRB will create the technological and investment certainty to spur innovators, engineers, energy companies, shipyards, financial institutions, and engine manufacturers to accelerate the R&D effort required to decarbonise shipping.

The industry recognises the unprecedented nature of its proposal and the associated complexities, and will work to address this so that governments can take forward its offer of USD 5 billion of funding to accelerate R&D, to ensure the technological innovation necessary to make the required zero-carbon transition within the IMO 2050 time line.

…as ICS concluded.

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