The United Nations International Maritime Organization (IMO) has received a comprehensive proposal for the creation of a Zero Emission Shipping Fund (ZESF) from the International Chamber of Shipping (ICS), the Commonwealth of The Bahamas, and the Republic of Liberia. This fund aims to speed up the fleet’s transition to net zero emissions for commercial shipping worldwide by 2050.
Two of the most prominent flag State administrations have endorsed the plan, which calls for shipowners to make a...