The Norwegian Shipowners Association has announced that they welcome the Ocean Fund initiative to speed up the green transition in the global shipping industry.
They believe that if shipping is to achieve ambitious climate goals, the global maritime industry needs to put in place, new and effective measures that will stimulate investment in green technology and emission-reducing measures.
The Ocean Fund
75 per cent of the funds received, as part of the Ocean Fund, will go back to the shipping industry
The Norwegian Shipowners Association, therefore, welcomes the Ocean Fund proposal from The European Parliament Rapporteur on the EU ETS, MEP Peter Liese, to establish an ocean fund that is financed by the industry itself through the ETS.
75 per cent of the funds received, as part of the Ocean Fund, will go back to the shipping industry, in order to invest in green technologies and alternative fuels.
Enabling green solutions to be more commercially viable
The fund will also be used to finance carbon contracts of difference, in order to reduce the cost difference between fossil fuels and renewable fuels.
Harald Solberg, the Chief Executive Officer (CEO) of the Norwegian Shipowners Association, said “This is a very good solution, which will speed up the green transition in the industry and help make green solutions more commercially viable.”