International Chamber of Shipping (ICS) has defended a proposal for a $5bn research and development fund, saying it is one piece of the puzzle in the effort to achieve decarbonisation.

The shipping association's secretary general. Guy Platten, said the fund can potentially co-exist with carbon tax or trading regimes.

The proposal — also backed by Bimco, Intercargo, Intertanko, Interferry, International Parcel Tankers Association and the World Shipping Council — calls on shipowners to contribute $2 per tonne of marine fuel they consume.