The International Chamber of Shipping, which represents more than 80% of the world’s merchant fleet, submitted a plan to the industry’s global regulator for a charge on carbon dioxide emitted by vessels.

The proposal for a so-called Climate Fund was submitted to the International Maritime Organization — the United Nations’ shipping regulatory body — on Friday, according to a statement from the trade association. The proposal is backed by Intercargo, the trade association for dry cargo shipowners.

The fund would be used to close the price gap between zero-carbon and conventional fuels, and would also be used to “deploy the bunkering infrastructure required in ports throughout the world to supply fuels such as hydrogen and ammonia”.

The vast majority of the shipping industry today is powered by marine fuels made from oil. The proposed levy would be linked to CO2 emissions and based on mandatory contributions from ships exceeding 5,000 gross tonnage.

“The carbon levy is intended to expedite the creation of a market that makes zero-emission shipping viable,” the ICS said.