THE London Stock Exchange officially launched the 12th edition of London International Shipping Week on Monday, marking the largest iteration of the biennial event, as the UK government and private investors used the opportunity to unveil a £1.1bn ($1.4bn) funding commitment to the country’s maritime sector.

Funding will include £700m of private investment for “major UK ports and leading industry players”, and just under £450m of government funding will be allocated to the UK SHORE programme, which supports the research and development of new clean maritime technologies and fuels, according to the UK Department of Transport.

The proceeds will benefit the UK’s coastal communities and “unlock growth and jobs, including in the engineering, green technology and construction sectors”, it said.

The DoT did not put a timeframe on the investment commitment.

“We’re committing almost half a billion to cut carbon emissions from shipping — steering us towards net zero by 2050 and cementing Britain’s place as a clean energy superpower through our ‘Plan for Change’,” said UK transport secretary Heidi Alexander.

Speaking at the LSE, UK parliamentary under secretary for local transport Simon Lightwood praised the sector as “the fuel for our economy and the power behind our progress”.

“It’s also a catalyst for opportunity, offering Britain a gateway to the world, while supporting good quality local jobs and bringing new skills to our coastal communities. I’m proud that the UK has remained a beacon of stability for this sector, providing much needed shelter from a turbulent world.”

Tom Attenborough, head of international listings at the LSE, also emphasised capital markets’ role in driving sustainable growth, calling the next few years “pivotal” for the sector’s evolution.

“What we [the LSE] can do to continue to support both growth and the transformation to the low carbon economy is in everyone’s minds at the moment… the [shipping] sector clearly has a big few years ahead of it,” he said.

LISW runs from September 15-19.