UK should allocate £700 million to shipping decarbonisation – UK Chamber of Shipping

UK government should allocate £700 million ($916 million) in the upcoming budget to help its shipping sector achieve net-zero emissions by 2050, the UK Chamber of Shipping (UCS) proposes.

PHOTO: Arial view of London with the River Thames. Getty Images

The trade organisation recommends allocating £343 million ($449 million) over five years to the UK Shipping Office for Reducing Emissions programme, to fund research and development of net-zero technologies.

It also suggests that £200 million ($262 million) from the government’s £1.8 billion pledge towards port infrastructure should be directed towards 10 shore power projects across the UK.

An estimated £10 million ($13 million) should be earmarked as a lifeline for electric ferries, exempting them from the UK Emissions Trading Scheme (UK ETS) until 2030.

“Ferries to the UK’s network of islands provide lifeline services but despite the willingness to invest are unable to fully decarbonise due to a lack of infrastructure,” UCS says.

Finally, UCS says around £20 million ($26 million) should be directed toward seafarer training for new fuels and technologies, allocating approximately £75,000 ($98,000) per cadet.

The first budget of the new UK government will be presented by Chancellor Rachel Reeves on 30 October.

By Konica Bhatt

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