The European Commission recently launched the Ship Finance Portal, which provides companies and organisations with a collection of all the financial instruments they need to support the renewal and retrofitting of their fleet, increase efficiency and reduce environmental impact.
The platform, launched by the European Commission’s Directorate-General for Mobility and Transport, aims to improve access to finance for the shipping sector and the wider maritime industry.
As already explained, the portal will be a further step towards promoting the greening of the maritime industry because it addresses the lack of available information on financing options.
Specifically, the portal centralises access to a wide range of pan-European financing products, simplifying the search for suitable financing opportunities for actors across the maritime sector.
It also provides up-to-date information on available grants, loans and other financing products from the EU, its Member States and private financial institutions, ensuring that users are informed about the latest financing opportunities.
The platform also lists financing products relevant to the shipping sector and facilitates the development and deployment of technologies and services to promote the decarbonisation of shipping. This is in line with the EU’s commitment to steer the maritime sector towards a green transition.
This initiative aims to underline “the EU’s commitment to promoting a sustainable and competitive maritime sector”.
Already in 2019, several banks, including European ones, introduced a regulatory framework for responsible financing of the shipping industry called the “Poseidon Principles”. The basic idea behind the framework is that the signatory banks, as capital providers, support the goals of the International Maritime Organization (IMO), the main topic of which is climate change.
By 2024, 35 banks, representing around 80% of global shipping finance, will be recognized signatories. It is expected that the banks will be able to influence which types of ships will receive capital in the future and ensure greater liquidity for more environmentally friendly ships that support the energy transition.
Michael ParkerChairman of the Poseidon Principles, said last year that green corridors are likely to transform the shipping finance sector As environmentally friendly shipping routes emerge around the globe, the focus shifts from ship emissions to the entire supply chain.
