Is the shipping industry’s R&D climate fund a genuine effort to decarbonize the industry?

8 January 2020: At the end of 2019 the shipping industry proposed a $500 million per year global research fund, financed through a levy of USD 0.7 on each tonne of CO2 that ships emit. Dubbed the International Maritime Research Fund (IMRF), it is meant to support research into carbon-free marine technologies that would help decarbonize the sector. However, leaders within the industry seem to have taken the opportunity to spin the proposal as a precursor to a carbon pricing system for shipping, although the proposed levy is a whopping 40 times lower than the already-existing one applied to the airlines under ETS for example. To read more on the topic, refer to the Climate Home News Website.