On Tuesday, 13 June 2023, Innovation Fund Expert Group members were invited to discuss, present and elaborate on the technology enhancements and the investment needs to decarbonise the maritime Sector. Various technologies were introduced, including Carbon Capture, Fuel Cell technology, Multi-Fuel Engines, Onshore Power installations and fuel options such as Methanol, Ammonia…RFNBOs… to name a few.

But what is the Worlds Largest Funding Program?

"The Innovation Fund is the EU fund for climate policy, focusing on energy and Industry. It aims to bring to the market solutions to decarbonise European Industry and support its transition to climate neutrality while fostering its competitiveness. The EU Emission Trading System – the world's largest carbon pricing system, provides the revenues for the Innovation fund from monetising 530 million ETS allowances. The Innovation Funds' total funding depends on the carbon price, and it may amount to about 40 billion euros." (source: European Commission).

Why does Maritime need to engage in the discussion?

According to estimates by the Think Tank of the European Parliament, the Maritime Sector will need an investment of 9.9 billion euros to transition to Net Zero by 2050. As a strategically and economically important sector, not only as a significant actor in the supply chain but also in ship-building technology, the sector is one of the key focus areas within the mobility strategy. Most cruise vessels are built in Europe, and the technology, expertise and research are used through many other applications such as defence but also in general propulsion technologies, fuel applications and waste and water management. The innovation fund provides the platform to share knowledge and access the financial means needed to ensure a smooth transition to Net Zero. It allows all actors, from small to large, from land to sea, to understand, lead and invest.

What is the purpose of a stakeholder consultation within the Innovation Fund?

The stakeholder consultation allows members of the European Commission to engage with the Industry to understand the sector's needs and also explain the procedures and practices concerning the Funds. It enables the Industry to bring forward its case and need for funding. It also allows the Commission to clarify the rules, create transparency and develope a shared understanding of the goal.

As a result of the consultation, the Commission can now verify “if” specific funding calls for a sector, a technology or a wider purpose should be made. Further on, the Industry is now in a position to sharpen its technological enhancements and innovation focus further towards the needs of the Union.

The full presentation, which had been compiled by Fanny Lossy (European Community Shipowners Association), Danique de Jonge (European Sea Ports Organisation), Paolo Guglia and Paul Altena (Shipboard and Maritime Equipment Association of Europe), Jaap Gebraad (European Research and Innovation Platform for Waterborne Industries), Sascha Gill (DR) (Cruise Lines International Association), and with special input from Maarten Boot (The Federation of European Private Port Companies and Terminals) can be watched on the website of the European Commission.