complementary as efficiencies gained in transport as well as the greening of transport
could lead to a win-win outcome. That of course remains to be seen.
Be that as it may, the EIB also applies general operational criteria to maritime or
waterborne transport. Its Lending Policy Paper states:
Waterborne Transport. Lending for inland waterway, port, logistics and maritime projects
are also prioritised in support of sustainable transport solutions. Shipping projects are subject
to particular scrutiny with respect to the procurement, supplier and operating
arrangements.
42
Looking specifically at the EIB green shipping finance schemes—the Green
Shipping Guarantee Programme currently has a budget of EUR 3 billion and as
per other funding schemes from the EIB, seeks to work with and through financial
institutions in the sector. Its eligibility criteria, subject generally to the EIB’s general
lending policy, will expect that the relevant investment should meet with the
Connecting Europe Facility (CEF) for Transport’s so-called horizontal priorities.
In this connection, a major horizontal priority is the Motorways of the Sea (MoS)
scheme—which is expressed to promote green, viable, attractive and efficient
sea-based transport links integrated in the entire transport chain.
43 Crucially, the
MoS scheme is concerned with an integrated concept of transport—it intends to
promote new inter-modal
44 maritime-based logistics chains to bring about a structural change to transport organisation, namely, door-to-door integrated transport
chains.
Under the MoS, project applicants may seek up to 30% co-financing. Two distinct
types of projects are given priority:
– maritime link based projects; and,
– projects of wider benefit.
Bearing in mind the objectives of the MoS are to create a sustainable integrated
network, projects which involve the creation and upgrading of freight transport
corridors, developing new maritime links or improving existing ones are those
which most likely be deemed to have a maritime link. Another important criterion
is that the actions or activities to be financed should include a considerable port or
infrastructure component.
45 This part of the MoS criteria means that somewhat
smaller scale green maritime activities (such as the build and purchase, or build
and lease of green ships) would be excluded from the financing scheme.
42 Ibid, at p. 4.
43 Art12, Decision No 884/2004/EC of the European Parliament and of the Council of 29 April 2004
amending Decision No 1692/96/EC on Community guidelines for the development of the
trans-European transport network: Official Journal L 167, 30 April 2004 P.0001 – 0038, COM
(2004)0884); see too EC Commission White paper European transport policy for 2010: time to
decide (2001).
44 Note the deliberate use of the term “inter-modal” rather than “multimodal”, suggesting that
conceptually it envisages the involvement of several contracting carriers and several transport
documents, rather than just a single transport document and one primary carrier for the carriage.
45 Usually expected to be around 50% of the total project budget.
Legal Aspects of Green Shipping Finance: Insights from the European. . .
143
could lead to a win-win outcome. That of course remains to be seen.
Be that as it may, the EIB also applies general operational criteria to maritime or
waterborne transport. Its Lending Policy Paper states:
Waterborne Transport. Lending for inland waterway, port, logistics and maritime projects
are also prioritised in support of sustainable transport solutions. Shipping projects are subject
to particular scrutiny with respect to the procurement, supplier and operating
arrangements.
42
Looking specifically at the EIB green shipping finance schemes—the Green
Shipping Guarantee Programme currently has a budget of EUR 3 billion and as
per other funding schemes from the EIB, seeks to work with and through financial
institutions in the sector. Its eligibility criteria, subject generally to the EIB’s general
lending policy, will expect that the relevant investment should meet with the
Connecting Europe Facility (CEF) for Transport’s so-called horizontal priorities.
In this connection, a major horizontal priority is the Motorways of the Sea (MoS)
scheme—which is expressed to promote green, viable, attractive and efficient
sea-based transport links integrated in the entire transport chain.
43 Crucially, the
MoS scheme is concerned with an integrated concept of transport—it intends to
promote new inter-modal
44 maritime-based logistics chains to bring about a structural change to transport organisation, namely, door-to-door integrated transport
chains.
Under the MoS, project applicants may seek up to 30% co-financing. Two distinct
types of projects are given priority:
– maritime link based projects; and,
– projects of wider benefit.
Bearing in mind the objectives of the MoS are to create a sustainable integrated
network, projects which involve the creation and upgrading of freight transport
corridors, developing new maritime links or improving existing ones are those
which most likely be deemed to have a maritime link. Another important criterion
is that the actions or activities to be financed should include a considerable port or
infrastructure component.
45 This part of the MoS criteria means that somewhat
smaller scale green maritime activities (such as the build and purchase, or build
and lease of green ships) would be excluded from the financing scheme.
42 Ibid, at p. 4.
43 Art12, Decision No 884/2004/EC of the European Parliament and of the Council of 29 April 2004
amending Decision No 1692/96/EC on Community guidelines for the development of the
trans-European transport network: Official Journal L 167, 30 April 2004 P.0001 – 0038, COM
(2004)0884); see too EC Commission White paper European transport policy for 2010: time to
decide (2001).
44 Note the deliberate use of the term “inter-modal” rather than “multimodal”, suggesting that
conceptually it envisages the involvement of several contracting carriers and several transport
documents, rather than just a single transport document and one primary carrier for the carriage.
45 Usually expected to be around 50% of the total project budget.
Legal Aspects of Green Shipping Finance: Insights from the European. . .
143