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.