US$160 Million in Sustainable Shipbuilding


The European Investment Bank has signed a framework agreement, alongside the French financial giant, Société Générale, to invest over US$160 million in sustainable shipbuilding projects, reported Business Green.

Supported by the French government, the signing of the agreement comes after the IMO’s decision to delay the implementation of their plan to tackle emissions from the shipping and shipbuilding industry, which included the cap of sulphur emissions to 0.5%, which Bimco warned could result in a shortage of marine fuel.

The money will go towards shipbuilding projects that promote “sustainable transport and environmental protection”; this is the first time the EU guarantee mechanism has been used in this industry to tackle climate change.

Alain Vidalies, French Secretary of State for Transport, the Sea and Fisheries, said: “During the CIMER (Inter-ministerial Committee for the Sea) meeting in October 2015, the government decided to implement this financial tool by agreeing to a pilot project in France.

“What we are unveiling today is an initial illustration of this dynamic, which I hope will spread across our maritime economy, leading to similar agreements in other sectors, particularly ports.”

Carrier Maersk Line and the ports of Long Beach and Los Angeles are partnering to measure the environmental benefits of a US$125 million upgrade for 12 Maersk container ships.

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