UK pledges £34 million funding to decarbonise shipping

The UK government has pledged funding worth £34 million ($43 million), as part of the Clean Maritime Demonstration Competition (CMDC), to develop “sustainable technologies” that will aid shipping decarbonisation.

PHOTO: Aerial view of the Port of Liverpool. Getty Images

This marks the fourth round of funding granted to the CMDC, which is a government initiative aimed at accelerating decarbonising of the shipping industry, while promoting economic growth. The project is funded by the UK Shipping Office for Reducing Emissions (UK SHORE). The initiative so far received a total funding of £129 million ($165 million).

The competition evaluates prospective bids against a wide range of criteria to understand the feasibility of the demonstrations in a real-world scenario. This includes anything “from creating alternative fuel sources for freight ships to pushing the limits of battery-powered vessels,” the UK government statement says.

More than £95 million (almost $122 million) have been awarded to a total of 105 projects across the UK in the first three rounds of the competition. The funding is meant to “support the design and development of clean maritime solutions towards commercialisation.”

“Instilling confidence in the UK shipping industry to invest in new technologies and fuels is central to reaching net zero. This funding, with a focus on real-world demonstrations, will help to do that and unlock investment from across the shipping community to deliver the technologies that will reduce emissions while ensuring shipping remains at the heart of the UK’s economy,” UK Chamber of Shipping’s chief executive Sarah Treseder says.

By Tuhin Roy

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