News / ICS offers 'tax and reward' system to drive adoption of green shipping fuel

© Stuart Miles |

The International Chamber of Shipping (ICS) has proposed a tax-and-reward system for early adopters of new greener fuels, paid for with a levy on older fuels.

The initiative, if adopted, would levy a flat rate per tonne of CO2 emitted for an International Maritime Sustainability Fund, which would issue financial rewards for vessels that cut CO2 emissions.

It would support early adoption of new fuels like ammonia and methanol, providing an answer to the chicken-and-egg problem of these fuels not gaining ...