The International Chamber of Shipping (ICS) has sent to the International Maritime Organization (IMO) a proposal for the creation of a worldwide fund for decarbonisation of shipping focused on the encouragement of the use of low-emission alternative fuels, typology of fuel, which currently cost at least two or three times more than conventional fuel bunkers, the association said.

The fund-is the proposal of the ICS-would be financed through a mandatory lump sum contribution by the vessels per tonne of CO2 issued. The fund's resources would be used to reward those who use the alternative fuel thus reducing CO2 emissions, thereby rewarding them of the higher cost of fuel purchased. The size of the reward would be calculated on the basis of avoided CO2 emissions and the funds would be elated on the basis of an annual reporting of CO2 emissions not produced through the use of green fuel. The ICS believes that, for example, a ammonia-fueled ship could achieve annual cost savings of more than 1.5 million.

The International Chamber of Shipping also said it could be the size of the reward for the failure to issue CO2 by ships : an in-depth impact assessment made for ICS by Clarksons Research, the International Chamber of Shipping said. the association-it pointed out that "a financial contribution of up to approximately 100 per tonne of CO2 emitted would not cause disproportionate negative impacts on the economies of the states." The ICS also said that, in his view, the scale of the reward could be much more restrained and its consistency could be subject to a five-year review in view of the increasing amount of the alternative fuels made available.

The ICS proposes that lump-sum contributions be collected in an International Maritime Sustainability Fund, which-according to the association's forecasts-could flow billions of dollars a year, money that could be earmarked for both to reduce the price gap between conventional and alternative marine fuels and to support the necessary investment in developing countries aimed at the production of alternative fuel and bunkerage infrastructure.

ICS believes that the goal of the initiative, which it has named "Fund and Reward" (F&R), could be to ensure that by 2030 at least 5% percent of the energy used by the shipping sector is generated by fuels alternative. "With this objective it is necessary to act immediately : with the proposal Fund and Reward of ICS, the president of the association, Emanuele Grimaldi, will be presented to the IMO member states," the association said in a statement. new but very short period of opportunity to put in place a comprehensive economic measure that can give way to the development and production of alternative fuels for shipping. In order to achieve net zero in the middle of the century, these new fuels must start to become commercially available in significant quantities oriented by and not beyond 2030. "

Grimaldi hinted that this proposal is one of the best, if not the best, that the shipowners industry can formulate : "the compromise is always difficult, but in every negotiation we have a proposal." like this can put everyone in agreement. "I am confident that this proposal will serve as a bridge between the climate ambitions of both developed and developing countries so that no part of the world shipping industry is left behind," he said.

In view of the ICS, the Fund and Reward system could be established by 2024 if governments define a regulatory framework in IMO.

"This fund has the potential to go beyond the traditional scope of the IMO, increasing investment in fuel production and infrastructure for bunkering," said Standard & Chief Executive Guy Platten, who has been the first to be seen in the United States. in ports around the world that will be essential for the complete decarbonisation of our sector worldwide. "

The International Chamber of Shipping specified that the F&R proposal puts together elements of different proposals put forward by several governments and the European Union and the proposed tax of carbon emissions of ships advanced by ICS together with Intercargo, the association representing shipowners engaged in the transport segment of solid bulk ( of the September 6 2021).

The ICS said its proposal would be discussed next December after the next COP27, the United Nations Climate Change Conference, which will be held from 6 to November 18, and before the next Marine meeting. Environment Protection Committee of the IMO.