The International Chamber of Shipping (ICS) has set out details of a revised proposal to set up a ‘Fund and Reward’ system it is submitting to the International Maritime Organization (IMO) to help the industry meet 2050 net zero carbon goals.

The proposals confirm a plan for a Fund and Reward mechanism financed by a mandatory contribution by ships per tonne of CO2 emitted that TradeWinds reported last week.

Funds gathered by the scheme would be emitted to an IMO fund, which will reward first movers for the CO2 emissions prevented by the use of alternative fuels, the ICS said.