EU Flags €150mn Loans for Cleaner Ships

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The European Investment Bank (EIB) and Dutch bank ABN Amro announced April 21 the signature that day of an agreement to support investment to green Europe’s shipping fleet. LNG, which is a lower-sulphur marine fuel than heavy fuel oil, is expected to benefit 

The arrangement will unlock €150mn in loans to support green shipping, said the European Commission (EC). It will support the refurbishment of older shipping units and the construction of new ones in order to reduce the sector’s carbon footprint, in line with the EC’s strategy for low-emission mobility adopted June 2016. LNG-fuelled newbuild ships and engines for retrofitting ships are expected be among those to benefit from funding.

EIB vice-president Pim van Ballekom said: “By allowing the EIB to take more risk, the Investment Plan for Europe enabled us to create a new instrument to support shipping companies in complying with the European sustainability standards.” ABN Amro’s head of commercial clients Daphne de Kluis said the Dutch bank was very happy we can support the initiative.

 

Mark Smedley