The Green Climate Fund (GCF) is considering providing $1.5m to fast-track the creation of a research and development (R&D) fund that could be used to accelerate decarbonisation of the shipping industry.

Discussions have been held between the GCF, the largest global fund fighting climate change, the International Chamber of Shipping (ICS) and International Maritime Organization (IMO) on the sidelines of the COP26 negotiations in Glasgow.

The IMO will consider proposals to create a $5bn IMO Maritime Research Fund (IMRF) at a meeting after COP26.