In International Shipping News 11/11/2016
The recent decision by the International Maritime Organisation to delay the development of a comprehensive climate plan for shipping may have left many of the industry’s greener operators disappointed, but work is continuing to develop more environmentally sustainable fleets.
Earlier this week, the European Investment Bank and French financial giant Société Générale inked a framework agreement to mobilise €150m of support for shipbuilding projects that promote “sustainable transport and environmental protection”.
Signed at the Assises de la Mer maritime conference in La Rochelle, the deal marks the first time the EU guarantee mechanism has been used to deliver emissions reductions from the shipping industry.
The move was backed by the French government, which hinted the deal could be followed by similar investments.
“During the CIMER (Inter-ministerial Committee for the Sea) meeting in October 2015, the government decided to implement this financial tool by agreeing to a pilot project in France,” said Alain Vidalies, French Secretary of State for Transport, the Sea and Fisheries. “What we are unveiling today is an initial illustration of this dynamic, which I hope will spread across our maritime economy, leading to similar agreements in other sectors, particularly ports.”
European Commissioner for Transport Violeta Bulc added that the project would help build on the progress that was delivered at last month’s IMO conference. “The maritime sector must play its part in tackling climate change,” she said. “Ten days ago, progress was made at an international level. In the near future, ships will have to emit less sulphur and efforts to cut CO2 emissions have been stepped up. This will require immediate investment, to which today’s agreement will contribute.”
The €150m guarantee will support €750m of potential investment, providing financing for new shipbuilding projects and work to convert and modernise of existing ships. IT will also support investment in the development of technologies to improve energy efficiency and cut harmful emissions in the European maritime transport sector, the EIB said.
Source: Business Green
