ING and the European Investment Bank (EIB) have signed an agreement to support green investments for the European shipping market for a total value of €300m ($372m). ING and EIB will each contribute €150m to the facility.
The facility is available to clients with significant European interests, and can be used for projects with a green innovation element covering the construction of new vessels or retrofitting of existing vessels. It applies to both inland shipping and seagoing operators.
In order to create a diversified portfolio, the €300m facility will be invested with the EIB gradually over the next three years, with ING’s shipping team leading and managing the commitment.
“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 EIB president Werner Hoyer. “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. ”