The European Investment Bank (EIB) and ING signed an agreement to promote green investments for the European shipping market for a total value of EUR 300m, with each contributing EUR 150m to the facility.
The agreement aims to ensure that green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms.
The facility can be used for projects with a green innovation element regarding the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.
The EUR 300m facility will be invested with the EIB gradually over the next three years, with ING managing the commitment. The deal also benefits from the guarantee of the European Fund for Strategic Investments (EFSI), the central element of the Juncker Plan.
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EIB President Werner Hoyer noted:
“I think it’s no secret that the shipping sector is a major contributor to CO2 emissions. Climate action is one of the EIB’s top priorities, and this type of financing should be seen as an incentive for ship owners to consider doing things differently. The facility was set up after numerous discussions with Dutch counterparts from the public and private sector and aims to help the shipping sector transition to a greener future. ”
This facility will also improve the environmental performance of transport vessels, to reduce emission of pollutants as well as increase fuel esustaifficiency.
The investment is made under the Green Shipping Guarantee (GSG) Programme, which is supported by the EU’s Connecting Europe Facility (CEF) Debt Instrument and the European Fund for Strategic investments (EFSI). The Programme is designed both for general fleet renewal and the retrofitting of ships with sustainable technologies.
