Green industry deal: Shipowners want more funds

European shipowners are requesting greater funding from the EU to change the maritime business. In particular, the EU ETS revenue is at issue. The EU’s recently enacted “Clean Industrial Deal” (CID) serves as the backdrop for this need. The goal of this program is to increase the competitiveness and carbon neutrality of the European industry. To accomplish this feat, utilizing low-emission, renewable fuels along with other things is necessary. Shipping is included in the aforementioned areas.

The EU hopes to raise over €100 billion for the expansion of “green” production capabilities in Europe through the “Clean Industrial Deal.” An amendment to the Invest EU Regulation can increase potential financial guarantees. The EU claims that this would create an additional €50 billion investment available.

European shipowners applaud this move, but they are also putting their own requests forward. They specifically mentioned that the €9 billion revenue from EU ETS should finance the launching of “clean” fuels for shipping and production capacity.

According to Sotiris Raptis, Secretary General of ECSA, the revenue from the EU-wide emissions trading scheme can bridge the enormous price gap between conventional and clean fuels. Additionally, he calls on the Brussels Commission to streamline procedures and guarantee fair competition on a global scale.