SIMIC

The proposal to create a $5 billion fund for International Maritime Research and Development Board (IMRB) has been submitted to the UN's International Maritime Organisation (IMO).

The submission was made by Georgia, Greece, Japan, Liberia, Malta, Nigeria, Palau, Singapore, and Switzerland.

Denmark has now joined as a co-sponsor, and the WSC expects several other nations to voice their support for the proposal at the next meeting of the IMO Marine Environment Protection Committee in June.

"We are very pleased to see Denmark's support, as one of the leading maritime nations. The IMRB is a crucial step on the path to decarbonise shipping, and we have no time to lose if we are to meet the UN climate goals," said WSC chief executive John Butler.