EIB and ING Ink Agreement to Finance European Green Shipping

by Ship & Bunker News Team
Tuesday February 20, 2018

The European Investment Bank (EIB) Monday announced that it has signed an agreement with ING to provide a €300 million ($369.94 million) facility in support of green investments for the European shipping market.

"This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms," explained EIB.

ING and EIB will each contribute €150 million ($184.97 million) to the facility, which is available to clients who can demonstrate "significant European interests."

The financial support is intended for projects with a green innovation element, including newbuilds and retrofits for both inland shipping and seagoing operators.

"I think it's no secret that the shipping sector is a major contributor to CO2 emissions. Climate action is one of the EIB's top priorities, and this type of financing should be seen as an incentive for ship owners to consider doing things differently," said Werner Hoyer, EIB President.

"The facility was set up after numerous discussions with Dutch counterparts from the public and private sector and aims to help the shipping sector transition to a greener future."

In December, EIB, Societe Generale, and Brittany Ferries announced that the liquefied natural gas (LNG)-powered newbuild Honfleur would be the first recipient of EIB's financial support under the €750 million ($879.88 million) Green Shipping Guarantee (GSG) programme.

Ship & Bunker News Team
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