The Engine reports highlighted that the European Commission (EC) announced the allocation of €4.8 billion ($5.18 billion) from its Emissions Trading System (ETS) revenues to the Innovation Fund. This funding round includes grants for 85 projects, seven of which are focused on maritime innovations and low-emission bunker fuel production.
Innovative Maritime Projects
The European Commission has shortlisted seven projects aimed at enhancing sustainability in the maritime sector. These include a cruise ship powered by liquid hydrogen and LNG, retrofitting vessels for dual-fuel capabilities, and developing container ships powered by hydrogen fuel cells. These innovations are crucial for reducing emissions and transitioning to cleaner maritime operations.
Environmental Impact and Future Goals
The selected projects are projected to cut approximately 476 million metric tons of CO2-equivalent emissions over their first decade of operation. With a target operational date before 2030, these initiatives underscore the EU’s commitment to fostering green technologies and achieving its climate objectives through significant investments in the shipping industry.
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Source: ENGINE
