EU to set up Ocean Fund
The EU has moved a step closer to setting up a dedicated Ocean Fund to stimulate research and development of new technologies in the move towards decarbonising ships and ports.
In June, the European Parliament adopted a legislative proposal to include maritime transport in the EU Emission Trading System, which is where the money for the Ocean Fund will come from.
It will then be useful in supporting research into and deployment of sustainable alternative fuels and zero-emission propulsion technologies.
The Waterborne Technology Platform is co-funded by the EU and aims to set up dialogues between ship builders and owners, equipment manufacturers, classification societies and other stakeholders.
Waterborne already works in partnership with the EU in developing deployable technological solutions as well as economic policies.
Calling the setting up of the fund ’a moment of historic importance’, Chairman Eero Lehtovaara said it would be a ‘strong boost’ in reaching emissions goals.
”The new fund will secure that innovations can be researched, piloted and deployed faster and wider than what would otherwise be possible,” he said.
Over the past 10 years, the EU has invested more than €375m in ocean energy research, development and innovation through a multitude of funding programmes.
One of them, the European Maritime, Fisheries and Aquaculture Fund 2021-2027 (EMFAF) became law in 2021.
