IMO CARES project funding boost from Saudi Arabia enables move to full implementation phase
The new funding agreement, signed on 9 March 2023, will see IMO CARES move to its full implementation phase
The IMO CARES project has completed a year-long foundation and preparatory phase, and now has received a further round of funding from the Kingdom of Saudi Arabia that will enable the initiative to move to a full implementation phase.
IMO CARES – IMO's Coordinated Actions to Reduce Emissions from Shipping - is a global project that aims to reduce shipping emissions through coordinated actions worldwide. It connects the global north and south by providing a platform for knowledge, R&D and technology partnerships.
The new funding agreement was signed by IMO Secretary-General Mr. Kitack Lim and His Excellency Dr. Rumaih Al-Rumaih, Deputy Minister of Transport and Logistic Services, Kingdom of Saudi Arabia, on 9 March. It will provide $1,185,000 towards the first-year implementation of the IMO CARES project.
Signing the agreement, His Excellency expressed the Kingdom's pleasure in its continued support for the IMO CARES project, adding that IMO and Saudi Arabia share common maritime and environment goals: "We believe the IMO CARES project will support the development of tangible technologies, knowledge and technology transfer between global north and south and initiatives across the globe", he said.
The IMO Secretary-General highlighted the importance of collaboration and cooperation between all stakeholders in achieving the IMO Strategy for the reduction of greenhouse gas emissions from ships.
Mr. Lim added: "The IMO CARES project is an important driver of such cooperation and collaboration. I thank the Kingdom of Saudi Arabia for their continued support of this effort, and I look forward to the successful implementation of the project."
The project's focus is on supporting developing countries, in particular small island developing states and least developed countries, to meet the IMO Energy Efficiency and GHG Strategy targets by providing a global cooperation and collaboration platform that supports innovation whilst stimulating the development and uptake of energy efficiency technologies.
It brings together a broad consortium of stakeholders, including R&D Centres, Maritime Technology Cooperation Centres (MTCCs), the private sector and academia, along with IMO GHG technical cooperation projects and initiatives to connect technology needs to technology solutions. The IMO CARES Project aims to achieve its first-year objectives through technology needs assessments for developing regions and global technology challenge activities designed to find appropriate solutions through research and networking events.
IMO CARES is one of a portfolio of major projects being implemented and executed by IMO to support decarbonization in the shipping sector.