EIB, ABN to promote greener shipping in EU

TIN news:  The European Investment Bank and Dutch bank ABN Amro will sign an agreement to support investments for greening the European shipping fleet. The framework guarantee agreement will ensure that promoters of sustainable projects in the maritime transport sector can benefit from favourable financial terms, as a result of the EIB’s AAA rating.

EIB informs 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. It also applies to both inland shipping and seagoing operators.

EIB vice-president, Pim van Ballekom, said the Investment Plan for Europe enabled the creation of a new instrument that helps shipping companies to achieve compliance with the European sustainability standards.

EU Commissioner for Transport, Violeta Bulc, said: “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.”

This framework is the first with a financial institution in the Netherlands and is supported by the “Connecting Europe Facility”, while it was made possible by the ”EFSI” (European Fund for Strategic Investments), central pillar of the Juncker Commission’s Investment Plan for Europe. This is the second agreement under a EUR 750 million EFSI Green Shipping Guarantee Programme.

EIB explains that 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. Projects should be proposed to the ABN Amro Bank and will be subject to their eligibility and risk acceptance criteria.