EIB, ABN Amro to Bolster Green Shipping in Europe

Illustration; Image Courtesy: ICS

The European shipping industry is set to receive further support in the sustainable projects field as the European Investment Bank (EIB) and Dutch bank ABN Amro plan to sign an agreement to support investments for greening the fleet on April 21.

This EUR 150 million (USD 160.8 million) framework, which is the first with a financial institution in the Netherlands, would ensure that the promoters of sustainable projects in the maritime transport sector can benefit from favourable financial terms as a result of the EIB’s AAA rating.

The parties said that 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, and applies to both inland shipping and seagoing operators.

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

This is the second agreement under a EUR 750 million EFSI Green Shipping Guarantee Programme, which was set up after numerous discussions with Dutch counterparts from the public and private sector.

“Financing the transition to more sustainable transport systems and networks requires a commitment to invest. Today’s agreement demonstrates that the Investment Plan can play an important role in mobilising private finance to support this transition,” Violeta Bulc, EU Commissioner for Transport, said.

This sector risk bearing programme is meant for projects that will improve the environmental performance of transport vessels in terms of diminishing the emission of pollutants as well as increasing fuel efficiency.

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