$400,000 'IMO CARES' Programme Launches After 2050 Net Zero Plan Rejected

by Ship & Bunker News Team
Thursday November 25, 2021

The International Maritime Organization has put $400,000 behind the preparatory phase of a new 'IMO CARES' initiative on decarbonization, shortly after its member states blocked a plan to impose a 2050 net-zero emissions target on the shipping industry.

The IMO CARES project "aims to accelerate demonstration of green technologies and their deployment globally in a manner that facilitates blue economic growth in developing regions," the UN body said in an emailed statement on Thursday.

The initial $400,000 will fund a 12-month preparatory phase in which potential stakeholders will be identified among donors, regional maritime technology cooperation centres, decarbonisation research bodies, industry alliances, lenders and other organisations.

The move follows discussions on decarbonisation at the IMO's Marine Environment Protection Committee this week, in which hopes were dashed of a 2050 net zero target being agreed in the short term after several European member states voted against the proposal.