ICS and IMO meet with Green Climate Fund to discuss the provision of up to $1.5 million to accelerate zero carbon R&D fund
Meeting in the margins of the Shaping the Future of Shipping conference in Glasgow, the Deputy Executive Director of the Green Climate Fund, the Secretary General of the International Maritime Organization, and the Secretary General of the International Chamber of Shipping met to discuss funding options for the proposed ‘IMO Maritime Research Fund’ (IMRF), according to ISC release.
A key aim with the meeting was to develop potential solutions to ensure that developing economies from Latin America, the Caribbean, Africa, Eastern Europe, Central Asia, and the Pacific can access technology and funding for zero carbon ships and the required infrastructure.
One solution to be discussed further in the coming weeks is the potential availability of up to USD 1.5 million from the GCF Project Preparation Facility (PFF) to fast track the creation of the IMRF; a USD 5 billion research and development fund to accelerate research and development into zero emission technologies to be used by shipping.
The PPF, to be requested by a GCF Accredited Entity to develop the proposal, could be used to pay for the feasibility and governance work required to set up the fund quickly as soon as it is approved by the IMO. The IMRF proposal would provide guaranteed levels of funding to all member countries at no cost to taxpayers, to accelerate the production of zero emission ships.
The International Maritime Organization (IMO) are due to review a proposal to form a USD 5 billion R&D programme at its next Marine Environment Protection Committee to be held right after COP26. The USD 5 billion fund would be overseen by IMO and financed through a mandated R&D contribution by ship owners of USD 2 per tonne of marine fuel consumed. The shipping industry wants the fund in place by 2023.
The meeting also discussed the possibility of GCF providing additional support to developing economies to attract match funding, which could significantly increase the levels of R&D available to developing economies.
