A new fund is in the works to help make shipping carbon neutral. The group behind it is planning on raising $5bn for it by taxing every ton of fuel that ships use, which as it turns out, is a pretty substantial amount. The hope is that this will move the industry towards a sustainable future.

Shipping is the source for about 3% of emissions which doesn’t seem like a whole lot but 3% is 3% and that’s more than zero. The hope is that the tax will not only supply the funds for development of new shipping technology and fuels that will allow it to become a sustainable industry.

Although everyone is positive about the move, experts warn that it could be too little too late. There are currently a few solutions that are being batted around but as of now, not enough research has been done to really pin down what would work best for the industry and allow the goals they set out to be met.