EMEA News
Public Purse Should Support Hard-to-decarbonise Shipping
The European transport sector including shipping requires substantial state investment if Europe is to meet its climate goals, Transport & Environment has said.
A paper from the non-governmental organisation contrasts the continued support by governments for petrol transport citing EUR 42 million ($46m) as subsidies for petrol and diesel company cars with a lack of similar levels of funding for the development of green energy.
While most investment would come from the private sector, those heavily capital intensive industries in transport and energy infrastructure will need a leg up which translates into EUR 39 million from public funds each year, according to T&E.
"E-fuels for planes and ships are currently expensive and are still in the early stages of their development [leaving] investors reluctant to take risks," the green lobbyist said.
Governments should deliver "guarantees and loans to de-risk private investments in clean fuel production", according to T&E.
