ICS proposes fund to reward first movers to low emission fuels

The International Chamber of Shipping (ICS) has announced proposals to financially reward ships and energy producers that invest in low/net zero emission fuels, in a paper to the International Maritime Organization (IMO).

Aiming to accelerate the maritime industry’s transition to net zero, the ICS is calling for a ‘fund and reward’ (F&R) system to incentivise the adoption of alternative fuels, which currently cost at least two or three times more than conventional marine fuel.

The F&R scheme would combine elements of various recent GHG reduction proposals from several governments, plus a flat rate contribution system previously proposed by ICS and Intercargo, and ideas recently put forward for a global IMO measure by the EU 27.