Investing in research to go carbon-free
SOMETIMES us old journalists put two and two together and make five. That was initially the case when I heard that the global shipping industry has come up with a proposal to the the International Maritime Organization (IMO) to accelerate the development of commercially viable zero-carbon emission ships by the early 2030s.
The industry's main representative bodies are jointly proposing the establishment of an International Maritime Research and Development Board (IMRB), a non-governmental research and development (R&D) organisation that would be overseen by IMO member states.
The idea is that IMRB would be financed by shipping companies worldwide via a mandatory R&D contribution of US$2 per tonne of marine fuel purchased for consumption by shipping companies worldwide, which will generate about US$5 billion in core funding over a 10-year period.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
EV automakers get reprieve in US tax credit rules
Abu Dhabi hub carrier Etihad adds banks to US$1 billion IPO
Luminar to cut nearly 20% jobs as part of restructuring
Chinese share of French EV market slumps after incentives curbed
Ferrari unveils US$423,000 sports car with 1960s bloodline
Airbus called for compensation to take on money-losing Spirit operations: sources