Executive Briefings

E.U. Banks to Support Green Shipping

The European Investment Bank (EIB) and Dutch bank ABN Amro have signed an agreement to support investments for greening the European shipping fleet.

E.U. Banks to Support Green Shipping

The framework guarantee agreement will ensure that promoters of sustainable projects in the maritime transport sector can benefit from favorable financial terms due to the EIB's AAA rating. The facility is open for both retrofitting of existing shipping as well as for projects that envisage the construction of new vessels with a green innovation aspect. It applies to both inland shipping and seagoing operators.

The program is aimed at projects that will improve the environmental performance of transport vessels by diminishing the emission of pollutants as well as increasing fuel efficiency.

"The Bank received a clear signal from the market that there was a financing gap for the greening of shipping fleets," said EIB vice-president Pim van Ballekom. "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.

"This is the second agreement under a EUR 750 million ($814m) EFSI Green Shipping Guarantee Programme which was set up after numerous discussions with Dutch counterparts from the public and private sector. We are really looking to shipowners to make use of it so that we can implement it in other countries as well."

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The framework guarantee agreement will ensure that promoters of sustainable projects in the maritime transport sector can benefit from favorable financial terms due to the EIB's AAA rating. The facility is open for both retrofitting of existing shipping as well as for projects that envisage the construction of new vessels with a green innovation aspect. It applies to both inland shipping and seagoing operators.

The program is aimed at projects that will improve the environmental performance of transport vessels by diminishing the emission of pollutants as well as increasing fuel efficiency.

"The Bank received a clear signal from the market that there was a financing gap for the greening of shipping fleets," said EIB vice-president Pim van Ballekom. "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.

"This is the second agreement under a EUR 750 million ($814m) EFSI Green Shipping Guarantee Programme which was set up after numerous discussions with Dutch counterparts from the public and private sector. We are really looking to shipowners to make use of it so that we can implement it in other countries as well."

Read Full Article

E.U. Banks to Support Green Shipping