Friday, April 19 2024
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€1.5 Billion Boost for Eco-Friendly Ferries in Greece

eco friendly ferry

Greece is ready for the transformation of its maritime sector moving towards a more green and sustainable future with reduced emissions and with a €1.5 billion secured investment aimed at eco-friendly ferries, setting an example for global shipping practices.

HDN Newsroom

Minister of Maritime Affairs and Insular Policy of Greece Christos Stylianidis successfully brokered a deal with the European Commission and various national ministries, securing subsidies and credits totaling around €1.5 billion.

This financial boost is assigned for the development of new coastal passenger ferries designed to significantly slash carbon dioxide emissions, marking a pivotal shift towards greener maritime operations.

The funding arrangement began with intense negotiations between Christos Stylianidis, leveraging his experience as a former EU commissioner, and key stakeholders within the European Commission and the Greek government.

Approximately €580 million was secured from the National Strategic Reference Framework (ESPA) and the Recovery and Resilience Fund, dedicated not only to the acquisition of eco-friendly ferries but also to the enhancement of port infrastructures across Greece's cherished island destinations.

These great initiaves in Greece underscore a collective commitment to environmental stewardship and the sustainable development of the country's vital shipping sector.

The ambitious financial undertaking not only heralds a new era for Greece's maritime industry but also sets an example for global shipping practices.

And the ambitious project does not stop with the initial €1.5 billion. Ongoing dialogues with Brussels hint at the possibility of topping up this financial package with additional resources, including outright subsidies. Once these deliberations reach fruition, the total value of subsidies and interest-free loans could well surpass the initial estimate, potentially elevating the overall budget for this initiative to near €2 billion.