ING is proud to collaborate with the Global Centre for Maritime Decarbonization (GCMD) and our partners on the successful launch of a pioneering fund dedicated to financing the retrofitting of energy efficiency technologies (EET) on vessels. This new initiative delivers up to 100% upfront financing for EET, like wind-assisted propulsion systems or air lubrication systems that reduce fuel usage and emissions. The fund (FEET) leverages a pay-as-you-save repayment mechanism and represents a significant milestone in financing the decarbonization of the maritime industry.
ING acted as Coordinating Bank for the senior debt financing.
The launch of this fund underscores ING’s commitment to accelerating the transition by addressing systemic challenges through collaboration. Driving down emissions and the transition to a low carbon future can only be achieved by coordinated efforts from stakeholders across the maritime value chain.
FEET is a practical and scalable solution that tackles barriers hindering the uptake of vessel retrofits.
Stephen Fewster, global head of the shipping sector at ING, commented: “This fund is another building block in our strategy to support the maritime industry in transitioning to a more sustainable future. Partnerships like this are critical and ING’s role highlights that we are a frontrunner in this space.”
Together with its partners, ING now looks forward to scaling this solution to support the maritime industry in achieving meaningful emissions reduction.
ING & Climate
Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. See how we’re progressing on our climate approach.
This message discusses one or more specific transactions and/or contains general statements about ING’s climate approach. The approach and criteria referred to in this message are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.
Source: ING
