LONDON (Reuters) – Shipping associations have proposed creating a research fund with $5 billion raised by the industry to develop technology to help the sector meet U.N. targets on cutting emissions.

The global shipping fleet, which accounts for 2.2% of the world’s CO2 emissions, is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.

International shipping associations called on Wednesday for a mandatory contribution of $2 per ton on fuel used by ships to raise money for a research fund to help develop cleaner technology for the industry.

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https://www.reuters.com/article/us-shipping-environment-fund-idUSKBN1YM00D