Updated proposals submitted to the UN International Maritime Organization (IMO) outlined how a planned $5bn IMO Maritime Research Fund (IMRF), which will accelerate the development of zero-carbon technologies and fuels, could also be used to support the maritime decarbonisation efforts of developing countries.
Led by the International Chamber of Shipping (ICS) and eight other international shipping associations which collectively represent the global merchant fleet, the modified proposal envisages allocating about 10% of the fund to greenhouse gas (GHG) reduction projects in developing countries, including climate vulnerable small island states.
