The international shipping community plans to create the first collaborative shipping R&D fund, intended to reduce greenhouse gas emissions by 50 percent by 2050. The proposal includes core funding from shipping companies across the world totalling approximately USD 5 billion over a 10-year period. The financing will come from shipping companies worldwide via a mandatory R&D contribution of USD 2 per tonne of marine fuel purchase for consumption by shipping companies worldwide. Under the International Chamber of Shipping proposal, the body would be overseen by the International Maritime Organisation (IMO).
