The project to the value of $5 billion in favour of CO2 emissions reduction is gaining support. Such countries as Georgia, Malta, Singapore, Denmark, Switzerland and some others have already joined the proposal.

The plan stipulates foundation of the department which will focus on the research and development of carbon-free technologies in the shipping industry. The International Maritime Research Fund will finance this department through a fixed sum of money raised of marine fuel used by the ships.

The proposal dwells upon a new version of Chapter 6 of the MARPOL Convention. It also focuses on different aspects of legal, governing and administrative nature, offered by governments during their latest MPEC75 session.

Among the sponsors of this proposal there are also different maritime associations, like BIMCO, ICS, World Shipping Council and others.

The rate of the carbon dioxide emissions caused by the shipping industry increase by almost 15% from 2012 to 2018.

The International Maritime Organization’s original strategy is to decrease the level of gas emissions from the ships within the next 30 years.