A group of the world’s leading shipowner associations have drawn up a detailed proposal to launch a green fund to raise $5bn over 10 years for research and development into reducing shipping’s greenhouse gas (GHG) emissions.

The shipowner proposal is being sponsored by Bimco, the International Chamber of Shipping, Intercargo, Intertanko, Interferry, International Parcel Tankers Association and the World Shipping Council.

It will be presented to the IMO at a key environmental meeting in May next year and is intended to help the IMO achieve its carbon emissions reduction targets.