ING and the European Investment Bank (EIB) have partnered to finance green investment in the European shipping markets.
The two banks will contribute a total €300m in equal parts, to be invested over the next three years.
Facilities will target “clients with significant European interests”, and can be used to build new vessels or retrofitting existing ones to improve their ecological credentials. The facilities will be managed by ING’s shipping finance team.
EIB president Werner Hoyer said: “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. ”
“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. ”