The ICS has submitted the plan to the International Maritime Organization (IMO) for consideration. The fund and reward proposal combines elements of various recent GHG reduction proposals from a number of governments, plus a flat rate contribution system previously proposed by ICS and The International Association of Dry Cargo Shipowners (INTERCARGO), and ideas recently put forward for a global IMO measure by the 27 European Union countries. ICS believes that the fund and reward system could be established by 2024 if governments can agree on the regulatory framework at the IMO. The fund would reward ships according to annual reporting of the CO2 emissions prevented by the use of “eligible alternative fuels.” Further details are available here.
