The University of the South Pacific ("USP") and CNCo have signed a Memorandum of Understanding to conduct feasibility studies for the design of new generation, low-carbon ships for the Pacific region. In collaboration with the Micronesian Centre for Sustainable Transport, the project will address the heavy reliance on sea transport in the Pacific region and seek long- term, sustainable, cost-viable solutions. Initial investment from CNCo involves an estimated US$2.5 million and both CNCo and USP will operate and monitor the project's performance for two years from launching.