The European Investment Bank (ElB), a long-term lending institution of the European Union, and global financial institution ING signed a EUR 300 million ($370 million) agreement to support green investments for the European shipping market.
ING and EIB will each contribute EUR 150 million to the facility; the agreement will benefit sponsors of green and sustainable projects in the maritime transport sector.
“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.”
According to EIB, the EUR 300 million facility will be invested gradually over the next three years with ING’s shipping team leading and managing the commitment.
The sector risk-bearing facility is meant for projects that will improve the environmental performance of transport vessels in terms of reducing the emission of pollutants as well as increasing fuel efficiency.
Projects should be presented to ING and will be subject to ING’s financial and non-financial risk acceptance criteria.
“Sustainability is an important strategic priority for ING and we are very proud to partner with the EIB to encourage our shipping clients to think about more green and sustainable financing options,” says Isabel Fernandez, Head of Wholesale Banking at ING.
“This agreement helps us support our shipping clients into making changes to their business models by adapting for the future in increasingly sustainable way, and supports them throughout their green journey.”
Photo credit: European Investment Bank
Published: 21 February, 2018
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