Image courtesy of EIBThe European Investment Bank (EIB) and ING today signed an agreement to support green investments for the European shipping market for a total value of €300 million ($370.6 million).
ING and EIB will each contribute €150 million to the facility that aims to aid the transition of the shipping sector to a “greener future,” as EIB president Werner Hoyer said. The €300 million facility will be invested with the EIB gradually over the next three years.
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 (such as LNG, ballast water, energy efficiency).
EIB notes that the facility is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.
This sector risk-bearing facility is meant for projects that will improve the environmental performance of transport vessels in terms of reducing the emission of pollutants as well as increasing fuel efficiency.
Projects should be presented to ING and will be subject to ING’s financial and non-financial risk acceptance criteria.