With shared ambitions to reach net zero, the shipping and finance industries must work together to accelerate sustainable shipping finance.
In 2023, the global shipping industry raised its collective climate ambition with a new International Maritime Organization objective of reaching net zero by or around 2050. Decarbonising the global shipping fleet will require capital for cleaner vessels and fuels, engine retrofits, and energy saving technologies.
Public financial support schemes will play a role in this transition, but most capital investment in shipping is supplied by the private sector. The cost of the fleet transition is estimated at $8bn to $28bn per year, with new fuel infrastructure costing an additional $28 bn to $90 bn. European banks, as leading financiers of the maritime industry, have a pivotal role…
Read the full article originally published at business.edf.org.