Today’s Solutions: September 29, 2022

About 90 percent of world trade is transported by sea, with the global shipping fleet accounting for 2.2 percent of CO2 emissions.

A coalition of the world’s biggest shipping groups, representing 90 percent of the industry, has submitted a research fund of $5 billion over 10 years to develop cleaner technology, including zero-carbon emission ships by the early 2030s. The fund would be financed by a mandatory $2 per ton global tax on fuel used by ships. The world’s fleet consumes about 250 million tons of fuel a year.

The current target, defined by the UN shipping agency, the International Maritime Organization (IMO), aims to cut the industry’s greenhouse gas emissions by 50 percent from 2008 levels by 2050, which will effectively require a carbon efficiency improvement of up to 90 percent.

If it receives the backing of IMO member states, the new climate fund could be in place by 2023.

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