Climate Changed
Shipping Industry Plans Its Own $5 Billion Climate Change Fund
- Money to be used for R&D of new low carbon fuels and tech
- Funding to come from mandatory tax on marine fuel purchasing
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The shipping industry has an ambitious plan to cut its carbon footprint and take the fight against climate change into its own hands.
Shipowner associations representing more than 90% of the global merchant fleet are seeking to create a $5 billion research fund to help develop more environmentally friendly fuels and propulsion systems. They’ll submit the plan to the International Maritime Organization, a branch of the United Nations, on Wednesday.