EU Investment Bank earmarks EUR 1 billion for cleaner shipping

The European Investment Bank has set aside EUR 1 billion to finance projects aimed at reducing harmful pollutants in emissions from European vessels. 

As part of a larger investment plan, the European Investment Bank has set aside EUR 1 billion for shipping, according to a press release.

The funds will be directed at an initiative, which will reduce emissions of harmful pollutants from exhaust generated by the European shipping industry "through investment in energy efficient technologies." The financing will both go to retrofit of the existing vessels and to new, environmentally-friendly vessels.

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