News

2021 June 3 16:07

ICS welcomes Mission Innovation’s ‘Mission for Shipping’ and highlights potential funding partnership with 5billion USD Maritime R&D Fund

The global trade association for ship operators, the International Chamber of Shipping (ICS), welcomes the launch of Mission Innovation’s ‘Mission for Shipping’. Announced today, which aims to enable 5% of the global deep-sea fleet to run on zero-emission fuels by 2030, according to ICS's release.

The ‘Mission for Shipping’ aims to support public-private cooperation and the increase in R&D expenditure that will be needed for oceangoing ships to transition to zero-carbon fuels and propulsion systems, at the pace required for the industry to decarbonise completely, in line with the goals of the Paris agreement on climate change.

The ‘Mission for Shipping’ provides important and timely recognition of the urgent and critical need to accelerate R&D of zero-carbon technologies from both public and private sector, which will be vital to achieve the ambitious CO2 reduction targets which have already been agreed for the global shipping sector at the UN International Maritime Organization (IMO).

The 5 billion USD ‘IMO Maritime Research Fund’ is the ideal vehicle for this public private partnership, which is advocated by a broad coalition of governments with the full support of the global shipping industry. ICS looks forward to working with Mission Innovation member states in supporting the IMRF proposal when it is discussed at the upcoming critical meeting at the IMO of the Marine Environment Protection Committee (10-17 June).

With the support of Mission Innovation governments, the IMO Maritime Research Fund can be in place by 2023, funded solely by R&D contributions from ship operators. This will come at no financial cost to governments whilst complementing and supporting their own efforts towards the goal of decarbonisation.