The International Chamber of Shipping (ICS) has put together a plan for a fund-and-reward system using the concept of contracts for difference (CfDs) to narrow the gap between alternative and fossil fuels — but, based on carbon emissions, it said it would cost less and help pay for a global transition to a net-zero future.

The ICS has just put in submissions for such a system to be debated by the International Maritime Organization as part of its next steps to decarbonise shipping.