EMEA News
IBIA CONVENTION: Greece Calls for Maritime Carbon Costs to Be Reinvested Into Green Shipping
A representative of Greece's government has called for revenues from EU and global maritime GHG emissions regulations to be reinvested into the decarbonisation of the shipping industry.
Christos Stylianides, Greece's minister for maritime affairs and insular policy, delivered a keynote speech at the IBIA Annual Convention 2024 in Athens on Wednesday.
Stylianides set out Greece's position on maritime decarbonisation and the challenges faced by the industry in the coming years.
"We need to utilise the funds accumulated through market-based measures such as the EU emissions trading system into maritime decarbonisation activities to facilitate access to public and private finance," the minister said in his speech.
"The same applies at the IMO level.
"Funds collected from a potential global market-based measure should be used in a wise and balanced manner towards green maritime investments."
A portion of EU-ETS revenues is already being reinvested into maritime decarbonisation projects in Europe. But some in the shipping industry have called for a greater share of this money to be apportioned towards narrowing the gap between fossil fuels and greener alternatives.
