The Union of Greek Shipowners (UGS) on Wednesday announces its full backing to proposal by global shipping interests to create a five-billion-dollar research and development fund for eliminating CO2 emissions generated by ocean-going vessels.
The proposal, announced a day earlier, eyes funding by shipping companies around the world over the next 10 years.
In a statement, UGS said it actively backs this proposal, the latest in a series of initiatives undertaken by the shipping community and the UN IMO to wean the sector from fossil fuels, especially diesel oil.
The fund can be operational by 2023, following a relevant decision to create its charter and framework by the IMO. Members of an international research and development board will oversee the fund, slated to operate as a NGO under the auspices of UN IMO member-states.
