EMEA News
EIB Approves €1 Billion in New Funding to Reduce Harmful Emissions in the European Shipping Industry
The European Investment Bank (EIB) Thursday announced that its Board of Directors have approved €1 billion ($1.13 billion) in funding to reduce emissions from shipping, part of a new €7.4 billion ($8.37 billion) financing package for 38 projects located across Europe and the world.
The €1 billion in funding, which is noted to be backed by a European Fund for Strategic Investments guarantee, is intended to reduce harmful emissions in the European shipping industry through investment in energy efficient technologies, and financing for retrofitting existing vessels and financing new environmentally friendly ships.
All projects are said to require EIB Board approval prior to the finalisation of loan contracts.
EIB notes that negotiations for the approved loans will likely be finalised over the coming months.
Last July, Interferry announced that five of its members were set to receive €48 million ($53.09 million) in grants from the European Union (EU) to offset the cost of installing exhaust scrubber systems for compliance with Emissions Control Area (ECA) rules.
