Cyprus Mail
BusinessShipping

Cyprus praised for efforts in tackling CO2 shipping emissions

Cyprus’ National Shipping Strategy reduces detention rates by more than half

The global maritime transport industry has submitted a proposal to form the world’s first collaborative shipping research and development (R&D) programme to help eliminate CO2 emissions from international shipping, according to a statement released by the International Chamber of Shipping (ICS).

The proposal includes core funding from shipping companies across the world of about €4.5 billion over a 10-year period.

The aim is to accelerate the development of commercially viable zero-carbon emission ships by the early 2030s.

The Cyprus Shipping Chamber, the statement added, “played an active role in the proposal for the creation of a R&D programme”.

“The cooperation between maritime organisations around the world in creating this proposal is a concrete example of real leadership,” said ICS president Esben Poulsson.

“The shipping industry must reduce its CO2 emissions to meet the ambitious challenge that the International Maritime Organisation has set. This proposal is simple, accountable and deliverable and we hope governments will support this bold move.”

The R&D programme will be financed by shipping companies around the world through a mandatory $2 per ton purchase of fuel for ships.

Although the Fund and its financing are an initiative of the leading International Shipowners Associations, the involvement of individual stakeholders is expected. This initiative is a major step towards eliminating emissions of gas from shipping.

Commenting on the creation of the programme, the president of the Cyprus Shipping Chamber Philippos Philis said that “the Cyprus Shipping Chamber is fully involved in the establishment of the R&D programme and fully supports its creation”.

According to Philis, “the global maritime industry, through this proposal, shows that it recognises the problem of CO2 emissions and is determined to tackle it effectively.”

“Furthermore, Cyprus, as a leading international shipping centre, will play an active part in the global shipping industry’s efforts to decarbonise.”

Related Posts

Russia, rejecting default, tells investors to go to western financial agents

Reuters News Service

Food export bans, from India to Argentina, risk fueling inflation

Reuters News Service

Taiwan holders of Russian bonds say haven’t received payments

Reuters News Service

Oil prices volatile ahead of G7 discussions on Russian exports

Reuters News Service

G7 aims to raise $600 billion to counter China’s Belt and Road

Reuters News Service

Russia slips into default zone as payment deadline expires

Reuters News Service