EU directs some ETS revenues to fund green maritime projects
The EU has allocated €4.8 billion ($5.18 billion) from Emissions Trading System (ETS) revenues to the Innovation Fund.
PHOTO: Concept of hydrogen-LNG hybrid vessel. Ponant
The European Commission (EC) has selected 85 projects to receive grants from this round of funding.
Among these 85, seven maritime projects encompassing both vessel innovations and low-emission bunker fuel production have been shortlisted to receive grants.
These include a concept of a cruise ship powered by liquid hydrogen and LNG, complemented by wind-assisted propulsion, submitted by Italian cruise operator Compagnie Du Ponant. Italian cruise liner Princess Cruise has also been selected to receive a grant to retrofit one of its existing ships to run on dual-fuel methanol-capable propulsion. Additionally, Dutch company Samskip Holding has been chosen to fund two new container ships powered by hydrogen fuel cells. At the same time, a concept of a liquid hydrogen-powered cargo ship designed by French start-up Energy Observer has also been shortlisted for funding.
On the supply side, the EU has selected Swedish cleantech firm Plagazi to receive a grant for building a hydrogen production facility in the town of Köping. At this facility, 66,000 mt/year of unrecyclable waste will be converted into synthetic gas (syngas) to produce 12,000 mt/year of zero-emission hydrogen. This hydrogen will be supplied to the Swedish ferry operator Gotlandsbolaget for its upcoming hydrogen-powered vessels.
The selected projects are set to enter into operation before 2030. They are expected to reduce around 476 million mt/year of CO2-equivalent emissions over their first ten years of operation, the EC stated.
The applicants will sign grant agreements with the European Climate, Infrastructure and Environment Executive Agency in the first quarter of next year, the EC added.
By Konica Bhatt
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