City Research Online

Green Finance for a Sustainable Maritime Transport System: Developing a Universal Vernacular for Green Shipping

Rebelo, P. (2020). Green Finance for a Sustainable Maritime Transport System: Developing a Universal Vernacular for Green Shipping. Australian and New Zealand Maritime Law Journal, 34(1), pp. 16-30.

Abstract

One of the greatest obstacles to green shipping is the enormous capital costs required for cleaner and more fuel-efficient technologies. This is applicable to the financing of both new vessels and the retrofitting of existing vessels, which require shipowners to approach external sources for capital. Financial institutions thus have an incentivising role to play, by extending ‘green’ or ‘sustainable’ finance to shipping firms for a number of vessel-related projects which will bring a vessel in line with international standards or even supersede regulatory requirements. However, green finance for shipping does not presently enjoy an existing taxonomy or framework for what constitutes ‘green’ maritime activities. This Paper looks at the challenges presented by this taxonomy gap, specifically in relation to existing green finance schemes delivered by the European Investment Bank and Chinese banks. This paper argues for a clear and globally recognised green-shipping vernacular or classification system to incentivise investors and address shipowner hardship in respect of increasing regulatory demands.

Publication Type: Article
Additional Information: This article has been published in Australian and New Zealand Maritime Law Journal.
Subjects: K Law > K Law (General)
Departments: The City Law School > Academic Programmes
SWORD Depositor:
[thumbnail of Green Finance for a Sustainable Maritime Transport System Australian and New Zealand Maritime Law Journal.pdf]
Preview
Text - Published Version
Download (358kB) | Preview

Export

Add to AnyAdd to TwitterAdd to FacebookAdd to LinkedinAdd to PinterestAdd to Email

Downloads

Downloads per month over past year

View more statistics

Actions (login required)

Admin Login Admin Login