Trillions of dollars risk being stranded without a global R&D fund to decarbonize

OFFSHORE ENERGY | The call was made by the International Chamber of Shipping (ICS) following the publication of a report on the decarbonization challenge, detailing the scale of investment required for the sector to abandon fossil fuels.

The fourth propulsion revolution will need to see the development of new fuels along with novel propulsion systems, upgraded vessels and an entirely new global refuelling network, the report said.

It comes days ahead of the IMO Marine Environment Protection Committee meeting (MEPC 75), which will take place on 16-20 November 2020. The agenda of the meeting is expected to include the proposed fund as well.

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