Support study for the development of a living inventory of relevant instruments to support investments in the shipping sector : final report.
Date: 2024-12-20
Institutions: Directorate-General for Mobility and Transport
Subjects: EU financing, evaluation of resources, investment, maritime economy, maritime transport, reduction of gas emissions, report, shipbuilding, small and medium-sized enterprises, sustainable finance

SUPPORT STUDY FOR THE 
DEVELOPMENT OF A LIVING 
INVENTORY OF RELEVANT 
INSTRUMENTS TO SUPPORT 
INVESTMENTS IN THE 
SHIPPING SECTOR 

Final report 

Ricardo 
December 2024 

DG MOVE | Support study for the development of a living inventory of relevant instruments to 
support investments in the shipping sector  

EUROPEAN COMMISSION 

Directorate-General for Mobility and Transport 
Directorate D — Waterborne 
Unit D.1 – Maritime Transport and Logistics — Contact: Szymon OSCISLOWSKI 

E-mail:  move-d1-fv-2022-297@ec.europa.eu

European Commission 
B-1049 Brussels

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2 

EUROPEAN COMMISSION 

SUPPORT STUDY FOR THE 
DEVELOPMENT OF A LIVING 
INVENTORY OF RELEVANT 
INSTRUMENTS TO SUPPORT 
INVESTMENTS IN THE 
SHIPPING SECTOR 

Final report 

16 December 2024 | Final report 

3 

EUROPEAN COMMISSION 

16 December 2024 | Final report 

4 

EUROPEAN COMMISSION 

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Luxembourg: Publications Office of the European Union, 2024 

ISBN 978-92-68-22708-4 
doi:10.2832/6551509 

© European Union, 2024 
Reproduction is authorised provided the source is acknowledged. 

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DG MOVE | Support study for the development of a living inventory of relevant instruments 
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CONTENTS 

1.

INTRODUCTION ..................................................................................................... 6

1.1. Background ................................................................................................. 6

1.2. Aims and objectives of the study .................................................................... 7

2. METHODOLOGY OF THE STUDY ............................................................................... 9

2.1. Development and implementation of a Ship Financing Portal .............................. 9

2.2.

Formulation of high-level policy recommendations ............................................ 9

3.

ASSESSMENT  OF  THE  AVAILABILITY  OF  FINANCING  OPPORTUNITIES  FOR  THE
DECARBONISATION OF THE MARITIME INDUSTRY ................................................... 10

3.1. Requirements and needs of the maritime sector concerning decarbonisation and 

access to finance ........................................................................................ 10

3.2. Current status of financing opportunities for the decarbonisation of the maritime 

industry ..................................................................................................... 16

3.3. Application procedures and technical advisory support .................................... 29

4.

DEVELOPMENT AND IMPLEMENTATION OF THE SHIP FINANCING PORTAL ................... 34

4.1.

4.2.

Implementation of the Ship Financing Portal .................................................. 34

Promotion and communication strategy ......................................................... 39

5.

RECOMMENDATIONS  ON  ACCESS  TO  GREEN  FINANCE  TO  ADDRESS  IDENTIFIED
MARKET BARRIERS .............................................................................................. 41

5.1.

Financial recommendations .......................................................................... 42

5.2. Regulation, post-application procedures and capacity building recommendations 44

5.3. Communication and streamlining recommendations ........................................ 45

REFERENCES .............................................................................................................. 46

APPENDIX I – METHODOLOGY ...................................................................................... 49

APPENDIX II – FINANCING PRODUCT FICHES DATABASE ................................................. 59

APPENDIX III – SYNOPSIS REPORT ............................................................................... 60

APPENDIX IV – SHIP FINANCING PORTAL ....................................................................... 61

APPENDIX V – PROMOTION AND COMMUNICATION MATERIALS ........................................ 63

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DG MOVE | Support study for the development of a living inventory of relevant instruments 
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1.

INTRODUCTION

This  is  the  final  report  for  the  project  ‘Support  study  for  the  development  of  a  living 
inventory of relevant instruments to support investments in the shipping sector’, which is 
contracted under Lot 6 DG MOVE Request for Services N° MOVE/D2/2022-479, under DG 
MOVE FWC MOVE/ENER/SRD/2020/OP/0008 Lot 6”. Ricardo is the lead contractor and is 
supported by PROW Capital. 

This report aims to present the final results of the study. 

1.1.  Background 

Maritime transport is the most cost-efficient method of transporting goods per tonne-mile 
(Heinrich Boell Stiftung, 2021) and accounts for the majority of European external trade 
and more than a third of all trade by  value between Member States (EEA, 2021). Thus, 
efficient maritime transport is vital to both the lives of EU citizens and the EU economy as 
a whole. However, when compared to the largest GHG-producing countries in the world, 
international shipping would rank 11th in terms of GHG emissions (747 MtCO2e) (EDGAR, 
2024)1.  Given  the  commitments  for  the  reduction  of  GHG  emissions  under  the  Paris 
Agreement, it is important that work is done to reduce GHG emissions from the maritime 
sector. The role of a sustainable ‘blue economy’, including the EU shipbuilding and maritime 
industrial supply chain, in achieving the European Green Deal is also crucial and will result 
from the implementation of wide-ranging policy initiatives. 

At the same time, the maritime sector is highly capital-intensive, necessitating significant 
upfront investments for shipbuilding, retrofitting, and maintenance (Daniel & Cenk, 2019). 
Financing requirements are driven by several factors, including the long asset lifetimes of 
vessels, which can exceed 25 years, and the extended production lead times of 2-3 years 
between  contract  signature  and  delivery.  These  dynamics  create  substantial  financing 
needs, particularly for pre-delivery guarantees and retrofitting initiatives aimed at reducing 
greenhouse gas emissions. Additionally, the sector faces unique challenges, such as limited 
market-ready  solutions  and  a  complex  regulatory  framework,  which  further  complicate 
access  to  necessary  financing.  As  the  industry  strives  to  meet  decarbonisation  goals, 
securing sufficient financial support will be critical for facilitating investments and ensuring 
the sector's transition to more sustainable operations.  

In that context, the “Fit for 55” package, adopted by the Commission in July 2021, consists 
of a set of related proposals designed to deliver a reduction in GHGs of at least 55% by 
2030,  relative  to  1990  levels.  Transport  policies  are  a  key  component  of  this  strategy, 
including  policies  directly  affecting  waterborne  transport.  Such  policies  are  the  FuelEU 
Maritime  framework,  the  inclusion  of  the  maritime  sector  in  the  EU  ETS  as  well  as  the 
Alternative  Fuels  Infrastructure  Regulation  (AFIR).  More  specifically,  FuelEU  Maritime 
provides  a  mandate  for  reducing  the  Well-to-Wake  (WtW)  GHG  intensity  of  the  energy 
used on board vessels, by 80% in 2050, compared to 2020 levels, while also creating clear 
incentives for the use of Renewable Fuels of Non-Biological Origin (RFNBOs) as well as for 
on-shore power supply (OPS). With regards to the EU ETS, this legislation regulates Tank-
to-Wake (TtW) emissions, which, currently, puts a price on the CO2 emissions produced by 
vessels calling to EU ports, from 2026 onwards CH4 and N2O emissions will also fall under 
the  EU  ETS.  Finally,  the  AFIR  complements  FuelEU  Maritime,  setting  binding  targets  for 
TEN-T core and comprehensive maritime ports to install shore-side electricity and liquified 
natural gas (LNG) bunkering stations. 

On  an  international  level,  in  July  2023,  the  International  Maritime  Organization  (IMO) 
updated  its  strategy  to  reduce  GHG  emissions  from  ships,  a  revision  to  the  2018  Initial 
GHG  Strategy  (MEPC,  2023).  During  the  80th  session  of  the  Marine  Environmental 

1 Excluding domestic shipping. 

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Protection Committee (MEPC), the 2023 IMO Strategy on Reduction of GHG Emissions from 
Ships (Resolution MEPC.377(80)) was agreed, setting four key ambitions (IMO, 2023): 

1. Enhance the energy efficiency of new ships to reduce their carbon intensity.

2. Lower  the  carbon  intensity  of  international  shipping  by  at  least  40%  by  2030,

relative to 2008 levels, maintaining the target from the Initial Strategy.

3. Increase the use of zero or near-zero GHG emission technologies, fuels, and energy
sources to at least 5%, aiming for 10% of the total energy used by international
shipping by 2030.

4. Ensure total GHG emissions from international shipping peak as soon as possible

and achieve net-zero emissions by or around 2050.

The 2023 GHG Strategy also set indicative checkpoints for emission reductions: at least 
20% (aiming for 30%) by 2030 and at least 70% (aiming for 80%) by 2040 (MEPC, 2023). 
In mid-March 2024, MEPC 81 further clarified the mid-term measures needed to meet the 
2023  targets  (IMO,  2024).  These  measures  are  expected  as  a  “basket”,  combining  a 
technical and an economic element. Recent IMO discussions during MEPC 82 have shown 
broad  support  for  a  Global  Fuel  Standard  to  reduce  global  fuel  intensity,  while  also 
introducing  flexible  compliance  strategies,  GHG  pricing  mechanisms  as  well  as  revenue 
collection and distribution (IMO, 2024). The IMO’s intent is to agree the policy mid-term 
measures  in  2025  and  for  them  to  come  into  force  in  2027.  These  further  signal  the 
maritime industry’s need to adopt technologies, fuels, and systems to achieve significant 
decarbonisation and move towards net-zero emissions by 2050.  

Therefore,  with  IMO  measures  expected  to  be  forthcoming,  as  well  as  the  existing  EU 
measures, underscore the urgency of decarbonisation the shipping sector and driving its 
transformation towards a low carbon future.  

In the case of shorter maritime journeys, including ferry connections or feeder services, 
battery electric-powered vessels could deliver emissions reductions where there is access 
to  zero/low  carbon  electricity.  For  longer  journeys,  hydrogen,  ammonia,  methanol, 
synthetic fuels and biofuels are viewed as potential contributors to achieving the necessary 
emissions reductions, dependent on the fuel chain/feedstock lifecycle emissions (including 
processes such as electricity generation, fuel production, fuel transport and storage, and 
fuel use). In parallel, the appropriate fuel production and bunkering infrastructure needs 
to come into place in a timely manner. Shipbuilding practices and timescales will need to 
align  with  these  ambitions  and  strategies,  so  the  existing  fleet  can  be  adjusted  and  the 
new fleet to be commissioned in accordance with the IMO targets.  

All  of  these  factors  underscore  the  significant  impact  on  the  sector,  with  the 
competitiveness of the  EU shipping industry at stake.  Decarbonising the shipping sector 
will  require  substantial  buy-in  and  investment  across  the  entire  value  chain,  including 
shipyards, ports, energy companies, engine manufacturers, and fuel suppliers Moreover, 
it will be necessary to introduce schemes to de-risk and finance decarbonisation solutions, 
particularly  in  hard-to-abate  segments,  while  also  involving  private  sector  solutions 
(European Commission, 2024).  

While  efforts  to  reduce  emissions  can  focus  on  the  European  part  of  this  value  chain, 
ensuring the availability of green finance options is essential to support the transition. This 
will  help  the  EU  shipping  sector  become  smarter,  more  efficient,  and  environmentally 
friendly,  contributing  to  the  EU’s  climate  goals  while  strengthening  its  advanced 
manufacturing  capabilities  and  industrial  base.  However,  many  stakeholders,  especially 
SMEs, face barriers in accessing and understanding available green finance options.  

1.2.  Aims and objectives of the study 

The main objective of this study was to improve the accessibility of the shipping sector to 
financing products and to understand the needs of the maritime sector in terms of financing 
products for its decarbonisation by developing an inventory of available financing products 
relevant  to  supporting  investments  in  the  shipping  and  broader  maritime  sector. 

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DG MOVE | Support study for the development of a living inventory of relevant instruments 
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Additionally  to  create  a  list  of  policy  recommendations  to  improve  the  accessibility  and 
availability of capital for maritime decarbonisation. 

The  study  also  focuses  on  the  specific  case  of  Small  and  Medium  Enterprises  (SMEs) 
stakeholders  in  the  shipping  industry  and  on  shipbuilding  activities,  as  well  as  on  those 
activities related to the development and deployment of relevant recharging infrastructure 
(offshore and onshore).  

The specific objectives of the project were: 

1. 

2. 

3. 

4. 

Improve  the  visibility  and  communicate  the  availability  of  green  financing 
options and opportunities to shipping sector stakeholders. 

Reduce  the  administrative  burden  related  to  securing  green  financing  for 
shipping  projects,  advising  on  the  revision  of  application  procedures  where 
relevant,  and/or  providing  access  to  administrative  support  resources  to 
applicants. 

Identify  gaps  in  the  availability  and  relevance  of  existing  options  to  finance 
investments in technological improvements related to the decarbonisation of the 
shipping sector. 

Define  concrete  options  for  shipbuilding  and  maritime  equipment  industry 
stakeholders to access  EU financing instruments, to  support the development 
and deployment of green technologies. 

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2.  METHODOLOGY OF THE STUDY 

This study had two main tasks, as follows:  

-  Task 1: Development and implementation of a Ship Financing Portal, including the 
assessment  of  financing  opportunities  for  the  decarbonisation  of  the  maritime 
industry 

-  Task 2: Formulation of high-level policy recommendations 

This section summarises the steps involved within each task. A comprehensive description 
of these steps can be found in Appendix I of this report.  

2.1.  Development and implementation of a Ship Financing Portal 

2.2.  Formulation of high-level policy recommendations 

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3.  ASSESSMENT OF THE AVAILABILITY OF FINANCING OPPORTUNITIES 

FOR THE DECARBONISATION OF THE MARITIME INDUSTRY 

This  section  presents  the  results  on  the  assessment  of  the  current  status  of  financing 
products available for the decarbonisation of the maritime industry. It aims to identify the 
prevailing needs and requirements within the industry and highlights the existing barriers 
and  challenges  that  the  sector  faces  when  seeking  financial  support  for  decarbonisation 
initiatives. Key stakeholders include shipowners and operators as the primary demand side, 
seeking financing for new vessels and retrofitting existing ones, while shipyards, equipment 
manufacturers, and technology providers constitute the supply side, offering the necessary 
infrastructure and innovations.  

Overall, the European Union (EU) has introduced several financing mechanisms aimed at 
achieving the objectives of the EU Green Deal. These mechanisms are designed to foster 
an  investment  climate  conducive  to  the  development  of  clean  energy  technologies, 
alternative  fuels,  and  the  necessary  infrastructure.  However,  there  are  currently  limited 
EU-specific instruments that directly target the maritime sector in light of its specific needs. 
The  maritime  sector's  capital-intensive  nature,  characterised  by  long  asset  lifetimes, 
extended  production  lead  times,  and  substantial  financing  needs  for  shipbuilding  and 
retrofitting,  is  compounded  by  limited  market-ready  solutions  and  a  complex  regulatory 
framework,  making  access  to  financing  crucial  for  achieving  decarbonisation  goals.  At 
Member State level, research and stakeholder engagement activities conducted by Ricardo 
have revealed a variety financing products managing EU funds that specifically target the 
maritime industry in the national context. 

In addition to these public financing options, private entities and organisations also offer 
solutions  to  aid  the  maritime  sector  in  its  decarbonisation  efforts.  Private  financing 
products,  such  as  debt  financing,  equity  investment,  and  ship  leasing,  are  becoming 
increasingly relevant to the shipping industry. However, while these opportunities can offer 
ship owners affordable financing solutions that spread the costs over time, these services 
are usually tailored to the specific needs of each stakeholder or project.  

Maritime  (green)  financing,  in  the  context  of  this  study,  can  be  defined  as  the 
composition  of financing products that finance maritime operations and simultaneously 
contribute  towards  the  sectoral  decarbonisation.  This  can  be  achieved  through 
investments  in  environmentally  friendly  operations  and  assets,  as  well  as  in  new 
technologies that could decarbonise and innovate the maritime industry. Such tools are 
green  loans  and  bonds,  sustainability-linked  loans,  guarantees  and  grants,  amongst 
others. 

3.1.  Requirements  and  needs  of 

the  maritime 

sector 

concerning 

decarbonisation and access to finance 

Limitations of the study 

While the study provides valuable insight into the availability and needs of financing in 
the  maritime  sector  for  decarbonisation  activities  it  would  be  amiss  not  to  state  the 
limitations  in  the  approach.  These  can  be  broadly  categorised  into  data  availability, 
stakeholder engagement and methodological scope. 

•  A  significant  challenge  was  the  limited  availability  of  publicly  accessible 
information, particularly concerning private finance instruments. Many private 
arrangements  remain  undisclosed,  and  the  vast  number  of  financial  providers 
means that some entities may have been inadvertently omitted. 

•  The study’s findings were shaped by the responses from surveys and interviews, 
which  were  finite  in  value.  The  restricted  sample  size  may  have  resulted  in 
underrepresentation of certain sub-sectors or geographical regions.  

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•  The  analysis  reflects  a  snapshot  in  time-based  on  information  gathered  during 
the  initial  phase  of  the  project,  potentially  excluding  emerging  financing 
instruments  or  recent  developments.  Furthermore,  the  complexity  of  the 
maritime  industry  and  its  interplay  with  broader  decarbonisation  topics  means 
that  broader  funding  opportunities  outside  direct  decarbonisation 
activities may not have been fully captured. 

This section describes the maritime industry’s approach towards sustainable and innovative 
financing  practices,  specifically  in  terms  of  decarbonisation.  It  covers  the  stakeholders’ 
financing requirements as well as how aware the industry is of the financing needs of the 
sector and of available financing products to support decarbonisation. Additionally, it also 
describes the market gaps for financing activities towards maritime decarbonisation. 

Key findings 

•  The maritime industry is keen on investing in sustainable solutions and 
technologies  for  decarbonisation,  with  most  stakeholders  having  or 
developing  investment  plans  for  the  next  three  to  five  years.  This  interest  is 
mainly  driven  by  increasingly  stringent  legislative  requirements,  societal 
expectations and increased client demands for more sustainable operations. 

•  The  interviewed  organisations  are  aware  of  the  financial  needs  of  the 
shipping  sector,  with  some  having  dedicated  research  departments  for 
sustainable topics. They often maintain constant communication with the industry 
and gather information through various channels.  

•  Products 

focused  on  decarbonisation  activities  have  various 
characteristics,  as  some  institutions  have  targeted  products  or  projects,  but 
these often fall under broader sustainability-linked products. 

•  Maritime  industry  stakeholders  have mixed  views  on  the  sufficiency  of 
financing information. While information on  public tools is scattered, making 
access difficult, private sector information is less available. There seems to be a 
unanimous approval for a central database. Knowledge of specific financing tools 
varies, with a need for enhanced dissemination, particularly for complex products. 

•  The financial gap in maritime decarbonisation introduces complex issues, 
calling for a more integrated and supportive financial framework. These 
problems,  originating  from  insufficient  funding  for  innovative  projects  and  the 
limitations of current financing mechanisms, highlight the need for a more holistic 
approach.  

•  Correcting the imbalances in the financing environment, particularly for 
smaller  participants  and  specific  regions,  necessitates  a  better 
understanding of available funding options and the alignment of financing 
structures with the actual market value of sustainable technologies, as pointed 
out by a number of financial institutions noting a potential green deficit. 

3.1.1.  Interest of the maritime industry in greening the operations 

The  need  for  a  harmonised  definition  of  green  financing  activities,  to  support  future 
applicability of the term have prompted the development of the EU Taxonomy (European 
Commission, 2024), which includes transitional criteria for the maritime sector until at least 
2025, when a revision is expected for some of the criteria. The 'green' label is assigned at 
the  time  of  financing,  meaning  that  a  vessel  deemed  'green'  today  might  not  meet  the 
criteria in the future due to evolving definitions. In addition, there are discrepancies around 
definitions  used  by  different  bodies,  as  private  banks  providing  ship  financing  might  be 
using definitions different from the EU taxonomy, such as the Poseidon  principles, which 
several banks have signed.  

Even  without  a  harmonised  definition  for  decarbonisation,  the  maritime  industry  has 
expressed  interest  to  decarbonise  their  activities,  either  using  mature  and  pilot 

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technologies or using other operational solutions or alternative fuels. To support this, most 
stakeholders  consulted  in  the  context  of  this  study  stated  that  they  have  set  up  or  are 
developing investment plans for the next three to five years. Current and future legislative 
requirements  are  the  main  drivers  for  the  industry’s  interest  in  decarbonising,  as  all 
organisations  are  aware  that  the  current  frameworks  will  lead  to  the  acceleration  of 
demand for clean technologies. This can also be observed in  Figure 3-1, which presents 
the results from the survey on the interest in investing in green maritime operators. 

Figure  3-1  Number  of  stakeholders  interested  in  investing  in  greening  their 
operations, assets and/or innovative aspects of the industry split by reason for 
decarbonising (number of responses) 

Future/upcoming legislation changes…

Current legislation (International, EU, national)

Customer request

Organisation sustainability aims

28

27

25

24

Shareholder pressure

Other (please specify)

9

6

0

5

10

15

20

25

30

Stakeholder  engagement  activities  have  shown  that  the  majority  of  finance  providers 
prioritise financing assets rather than operations, particularly vessels, whether it involves 
refurbishing existing vessels or acquiring new ones. However, financial institutions that do 
not  already  have  established  relationships  with  shipping  companies  have  reported  they 
instead  choose  to  support  financing  ports,  infrastructure  projects,  and  sustainable 
technologies  within  the  maritime  sector.  These  areas  offer  opportunities  for  investment 
and  development  while  potentially  mitigating  some  of  the  risks  associated  with  direct 
vessel  financing.  Additionally,  financing  port  infrastructure  and  sustainable  technologies 
aligns  with  broader  sustainability  goals  and  can  contribute  to  the  industry's  transition 
towards greener practices. In general, finance providers tend to prefer to invest in projects 
ready for capital markets or close to it.  

Finance seekers have reported that the need for financial aid to purchase equipment and 
the  need  for  financing  working  capital  were  the  main  reasons  to  explore  financing 
opportunities. However, there is no consensus when it comes to maritime operations that 
the  industry  looks  to  decarbonise.  These  diverse  needs  underscore  the  importance  of 
flexibility and tailored financial solutions within the maritime financing landscape. 

SMEs  are  an  interesting  aspect  of  this  analysis,  as  their  interest  in  decarbonising  their 
practises is high according to the survey results. However, the majority of finance providers 
that  engaged  in  interviews,  stated  that  there  are  few  applications  coming  from  SMEs. 
Stakeholders have pointed to the lack of availability of specific tools targeting SMEs as a 
reason for this, which leads to  smaller companies having to meet the same criteria with 
larger  organisations.  This  often  imposes  an  additional  administrative  burden  to  them, 
potentially  deterring  them  from  applying  for  financing  due  to  perceived  low  chances  of 
success.  

Finally, interviews indicated that some finance seekers, and more specifically shipowners, 
would consider paying  a premium for greener shipbuilding practices and overall greener 
product. There is willingness to accept larger initial costs in the acquisition phase, in order 
for companies to acquire something that is innovative and  greener and energy efficient, 
giving  them  energy  savings  over  time.  This  could  be  expanded  to  procurement  of 
equipment  and  machinery  as  well  as  to  the  actual  shipbuilding  locations,  thus 
strengthening the EU position, including its domestic capabilities and industrial base.  

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3.1.2.  Awareness of the financing needs for the maritime sector 

The  maritime  industry  primarily  seeks  financing  for  Build  &  Scale  and  Commercial 
Prototype  II  projects,  which  refer  to  more  advance  stage  in  the  development  of  a 
technology or system, as seen on Figure 3-2, while capital markets ready projects need 
the least funding.  

Figure 3-2 Type of projects the maritime industry is looking to finance (number 
of responses) 

Capital markets ready (i.e. TRL 9)

11

Proven commercial proposition (i.e. TRL 8)

17

Build & Scale (i.e. TRL 7)

Commercial prototype II: Early adoption (i.e. TRL…

Commercial prototype I: Piloting phase (i.e. TRL 5)

R&D (i.e. TRL 1-4)

21

21

19

16

0

5

10

15

20

25

This study has shown that finance providers are aware of the financial needs of the shipping 
sector, although awareness and efforts towards decarbonisation in the shipping sector vary 
across institutions.  

Finance providers actively seek information  on the sector’s needs (for both seeking and 
providing finance), and some have research departments dedicated to sustainable topics, 
including  but  not 
frequent 
communication  with  the  industry,  obtaining  information  on  financing  product  needs 
through various channels such as client requests, industry reports, and engagement with 
institutions  like  the  IMO  and  class  societies.  Stakeholder  engagement  activities  showed 
that different tools are used across the sector. Some institutions have targeted maritime 
sector products, but these often fall under broader sustainability-linked categories.  

limited  to  shipping.  Financial 

institutions  maintain 

The  needs  of  the  sector  are  directly  linked  with  the  profile  of  the  operations  and  the 
uncertainty  revolving  around  the  shipping  industry,  and  it  is  apparent  that  stakeholders 
understand  that.  More  specifically,  during  the  Meeting  of  Experts,  held  by  Ricardo,  the 
importance of mitigating investment risks was stressed. A range of funding and financing 
solutions must be assessed against the various activities within the sector, each presenting 
unique levels of technical, commercial, and financial risk. This typically requires a case-by-
case  risk  assessment  and  mitigation  strategy  for  each  investment  proposal.  It  was 
indicated  that  there  are  three  major  factors  that  determine  the  risk  of  building  and 
operating a green ship: 

•  Operational uncertainty around propulsion technologies  

•  Market uncertainty, e.g. regarding the cost of the EU emissions trading system (EU 

ETS) 

•  Higher operational costs due to more expensive fuels  

These  factors  should  be  considered  in  the  context  of  the  entire  value  chain  and  can  be 
mitigated  by  financing  mechanisms.  However,  and  although  the  industry  is  aware  of  its 
needs,  there  seems  to  be  a  general  lack  of  visibility  on  the  available  financing 
opportunities.  

More  specifically,  among  41  members  of  the  maritime  industry  surveyed,  views  on 
information  sufficiency  varied,  with  uncertainty  leading  the  answers  (Figure  3-3).  The 
interviews conducted with various organisations and types of stakeholders revealed that 
while information on public tools is available, it is often scattered across multiple sources, 
making access difficult and time-consuming. Respondents emphasised the need to collate 
information  from  various  sources,  highlighting  the  challenge  for  those  unfamiliar  with 

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where to find it. Consequently, the proposal to establish a central database was met with 
unanimous  approval,  indicating  a  recognised  value  in  streamlining  access  to  this 
information.  

In contrast, the private sector presents a different set of challenges, with information on 
products and  opportunities being less widely available.  This necessitates a case-by-case 
approach,  involving  direct  contact  with  financial  institutions.  Furthermore,  the  role  of 
industry associations, exemplified by the annual study from the Cruise Lines International 
Associations  (CLIA)  on  fuel  and  technology  investments  (CLIA,  2024),  demonstrates  a 
collaborative effort to address funding needs within the sector. These findings underscore 
the  importance  of  centralised  information  sources,  particularly  in  the  public  sector,  and 
highlight  the  collaborative  approaches  needed  to  navigate  challenges  in  accessing 
information and securing funding in both public and private spheres. 

Figure  3-3  Views of  the maritime  industry  on  the  availability  of  information  on 
financing products/tools (number/share of responses)  

Maritime industry

8

17

14

2

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Insufficient

Unsure

Sufficient

Comprehensive

Also, stakeholders of the maritime industry were asked about their awareness around the 
existence of  certain financing tools  offered to  the maritime industry,  as shown in  Figure 
3-4.Overall, only 4% show excellent comprehension across all financial tools whereas 27% 
of  stakeholders  on  average  consider  having  no  knowledge  of  financing  products  used  in 
the maritime sector. This is also highlighted by the finance seekers’ side, as, according to 
CINEA,  some  stakeholders  report  difficulties  in  finding  the  right  funding  programme  for 
implementation  projects,  indicating  a  lack  of  awareness  by  seekers  of  existing  funding. 
This  creates  a  barrier  for  finance  providers  as  they  are  finding  it  challenging  to  identify 
suitable projects and organisations for financing.  

In terms of specific products being offered, maritime industry stakeholders display diverse 
levels of understanding. While research and development (R&D) subsidies and grants are 
relatively comprehended, with 22% demonstrating good knowledge and 15-21% exhibiting 
excellent  understanding,  other  products  such  as  contracts  for  difference  (CfD)  present 
difficulties,  with  no  stakeholders  reporting  "excellent  knowledge".  This  underscores  the 
necessity  for  enhanced  knowledge  dissemination,  particularly  for  intricate  products,  to 
bolster  stakeholders'  comprehension  and  decision-making  within  the  maritime  domain. 
Efforts should be focused on providing accessible and comprehensive information to bridge 
the gap in understanding and ensure informed decision-making across the industry.  

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Figure 3-4 Awareness of maritime industry stakeholders around the existence of 
financing tools used in the maritime sector (share of responses, n=25) 

Contracts for difference (Opex subsidies)

Capex subsidies

R&D subsidies

Grants

Concessions

Blended finance

Guarantees

Sustainability linked loan

(Green) bond

(Green) loan

Other

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Excellent knowledge

Good knowledge

Neither good nor bad

Limited knowledge

No knowledge

3.1.3.  Market barriers or gaps for financing activities towards maritime decarbonisation  

In order to further understand this section, it needs to be noted that market gaps refer to 
those gaps in the availability and relevance of existing financing options that meet with the 
identified  needs  of  the  industry,  that  if  addressed  they  can  reduce  the  administrative 
burden related to securing green financing options. For instance, such market gaps could 
be  the  lack  of  financing  instruments  for  certain  activities  and/or  technologies,  such  as 
early-stage demonstration and testing and retrofitting of existing vessels, or financing for 
later-stage, large-scale demonstration projects. 

Another market gap identified is that there is  scarcity of financing opportunities for 
EU shipbuilding activities which creates international competition due to better financing 
opportunities  existing  in  other  continents.  This  disparity  is  particularly  evident  when 
compared  to  more  favourable  financing  conditions  offered  in  other  regions,  fostering 
intense international competition (CEPR, 2024). For instance, in South Korea, the Minister 
of Trade, Industry and Energy has announced a strategic initiative where the government, 
in  collaboration  with  12  financial  institutions,  will  provide  a  substantial  total  of 
approximately EUR 10  billion in refund  guarantees (Hellenic Shipping News, 2024).  This 
support is aimed at bolstering the competitiveness of South Korean shipbuilding orders, 
facilitating both domestic production and export expansion. Such measures are expected 
to significantly strengthen the country's shipbuilding sector by enhancing its global market 
position.  Similarly,  China  has  demonstrated  considerable  state  backing  for  its  domestic 
shipbuilding  and  shipping  industries.  Between  2010  and  2018,  the  Chinese  government 
extended  a  combination  of  financing  through  state-owned  banks  and  direct  subsidies, 
amounting  to  approximately  EUR  122  billion  (CSIS,  2020).  This  extensive  state  support 
has played a pivotal role in enabling Chinese firms to maintain a competitive edge in the 
international  shipbuilding  market.  In  2020,  Japan  introduced  a  significant  initiative  to 
support  its  shipbuilding  industry  through  a  comprehensive  financing  scheme  (Shipping 
Watch, 2020). This scheme aims to provide low-interest loans and financial assistance to 
Japanese  shipyards,  enabling  them  to  modernise  their  facilities  and  invest  in  advanced 
technologies.  The  primary  objective  of  this  initiative  is  to  revitalise  Japan’s  shipbuilding 
sector.  

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The  stakeholder  engagement  activity  showcased  that  stakeholders  largely  agree  on  the 
existence  of  a  market  gap  in  ship  financing.  Figure  3-5  below  summarises  views  from 
participants of the survey on this regard by stakeholder group. A majority of stakeholders 
in the maritime industry, European bodies, and financial institutions agree that there is a 
market  gap  in  ship  financing.  However,  this  is  not  the  case  for  stakeholders  in  the 
national/sub-national groups. 

Figure 3-5 Stakeholder views on the existence of a market gap for ship financing 
(share/number of responses) 

Financial institutions (n=4)

National/sub-national (n=10)

3

European bodies (n=2)

4

2

7

Maritime industry (n=31)

19

12

Yes No

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

In identifying pressing areas with financing gaps, stakeholders emphasise the shortfall in 
funding for pioneering projects and advancements in green technologies. These initiatives 
entail significant technological and commercial risks and often fall outside the criteria for 
bank loans, yet are not within the scope of venture capital or private equity investments. 
Insights  from  maritime  industry  members,  corroborated  by  interviews  with  commercial 
banks, further underline the challenges, particularly in financing environmentally advanced 
vessels, which face higher capital requirements and technology risks, dissuading financial 
institutions from participation. 

Stakeholders  highlight  significant  financing  gaps  for  pioneering  projects  and  green 
technologies in the maritime sector, which entail high risks and fall outside traditional bank 
loans, venture capital, or private equity investments. This issue is particularly pronounced 
for environmentally advanced vessels with high capital and technology risks, discouraging 
financial  institution  participation.  Another  gap  identified  is  that  the  maritime  financing 
landscape  is  hierarchical,  with  major  institutions  serving  prominent  players  and  smaller 
entities struggling, especially in regions like Greece and Northern Europe. Subsidies and 
startup  funding  are  insufficient  for  substantial  decarbonisation  efforts,  forcing  smaller 
players to seek non-EU funding or risk market exit. According to the European Community 
Shipowners'  Associations  (ECSA),  capital  markets  are  underdeveloped  in  the  EU  and 
current products offered by banks are not catered to the maritime sector, not taking into 
consideration the specificities of the sector. Additionally, the lack of an integrated financing 
ecosystem  targeting  the  entire  value  chain  hinders  progress.  Stakeholders  advocate  for 
comprehensive  support  to  address  gaps  in  alternative  fuel  adoption  and  the  need  for 
mature,  bankable  projects.  Overall,  the  maritime  sector  requires  a  cohesive  financing 
framework  to  bridge  the  funding  gap,  especially  for  smaller  players,  and  align  financing 
structures with the true market value of sustainable technologies. 

3.2.  Current  status  of  financing  opportunities  for  the  decarbonisation  of  the 

maritime industry 

This section presents the results of the mapping exercise conducted as part of this study, 
which identifies financing products relevant to the maritime industry. The exercise aimed 
to develop a database of available financing options for the decarbonisation of the maritime 
sector, including those from public, private, and public-private sources. The main sources 
of  information  for  this  mapping  were  the  official  websites  of  the  identified  financing 
products, as well as the stakeholder consultation activities throughout the study.  

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Key findings 

•  Most of the financing for maritime decarbonisation comes from private products, 
most  of  which  are  offered  as  tailored  products  for  the  specific  needs  of  each 
stakeholder. 

•  Public funds are available and cover a wide range of activities that are relevant 
for the maritime industry. However, while there are programmes and calls focused 
on  maritime  decarbonisation  activities,  most  of  them  are  not  specific  to  the 
maritime industry. This leads to competition from other sectors able to access the 
financing  and  the  maritime  industry  seems  to  need  support  to  be  successful  in 
their applications.  

•  The  type  of  financing  products  identified  include  grants,  loans,  guarantees,  and 
intermediated lending. Grants are the most common type of financing offered by 
European programmes, while loans and guarantees are prevalent among national 
development  banks.  Private  institutions  focus  on  loans,  green  leasing,  and 
sustainability-linked loans, with fewer guarantees and grants. 

•  The  financial  value  of  the  identified  products  varies  significantly.  European 
programmes often have budgets exceeding EUR 50 million, especially for umbrella 
programmes like Horizon Europe and InvestEU. National development banks also 
provide  substantial  funding,  primarily  through  loans.  Private  financing  products' 
exact financial values are less publicly available but are generally considered high 
value. 

•  European  programmes  cater  to  a  wide  range  of  TRLs,  from  early-stage  proof  of 
concept  (TRL  1-3)  to  roll-out  phases  (TRL  9).  Programmes  like  Horizon  Europe 
support  early  TRL  projects,  while  InvestEU  and  CEF  focus  on  more  mature 
technologies.  Private  institutions  prefer  projects  with  higher  TRLs  due  to  lower 
perceived risks. 

•  Detailed  eligibility  criteria  are  essential  for  stakeholders  to  determine  their 
eligibility  for  specific  financing  products.  These  criteria  often  align  with  broader 
environmental and social goals. The complexity of the application process can be 
a barrier, particularly  for SMEs, which often lack the  resources and  expertise to 
navigate these procedures. 

•  SMEs  are  generally  eligible  for  most  identified  programmes.  However,  the 
application processes are often complex, time-consuming, and expensive, placing 
SMEs  at  a  disadvantage.  Simplifying  these  procedures  could  enhance  access  to 
financing for SMEs. 

3.2.1.  State-of-the-art in green finance for the shipping industry 

The discourse surrounding maritime decarbonisation funding has increasingly focused on 
a  range  of  financial  products,  including  grants,  subsidies,  loans,  loan  guarantees,  tax 
incentives,  carbon  pricing  mechanisms,  public-private  partnerships,  emissions  trading 
systems (ETS), green bonds, technology funds, and international aid. Despite the breadth 
of these topics, the literature indicates significant gaps, particularly in areas such as loans, 
loan  guarantees,  technology  funds,  prizes,  and  international  aid.  In  contrast,  more 
established  topics,  including  public-private  partnerships,  grants  and  subsidies,  carbon 
pricing mechanisms, tax incentives and green bonds still exhibit limited representation in 
current research. 

Several  studies highlight critical issues and areas for further investigation. For instance, 
(Wan,  et  al.,  2018)  emphasise  the  importance  of  establishing  carbon  reduction  targets, 
noting the challenges in reaching consensus on carbon emissions allocation methods. They 
advocate  for  fair  and  differentiated  approaches  to  these  targets.  The  analysis  by 
(Dominioni, 2023) also stresses equity considerations in designing market-based measures 
for  international  shipping,  proposing  the  strategic  use  of  carbon  revenues  to  promote 

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greater  climate  benefits  and  equitable  transitions.  Similarly,  (Mundaca,  et  al.,  2021) 
discusses the design complexities associated with feebate policies and the need for careful 
benchmarking to ensure realistic emission reductions without compromising trade benefits. 
(Rojon, et al., 2021) delve into the economic impacts of carbon pricing policies in maritime 
transport, particularly concerning their effects on transport costs for developing countries 
and small island states. 

The role of economic incentives in decarbonisation is further explored by (Camargo-Díaz, 
et al., 2022), who highlight the effectiveness of differentiated port tariffs and advocate for 
government support and port initiatives to facilitate the transition to cleaner technologies. 
(Syriopoulos,  et  al.,  2023)  examine  hedging  strategies  in  carbon  and  bunker  markets, 
finding  that  carbon  futures  contracts  can  effectively  manage  risk,  although  they  favour 
simpler models over complex alternatives. Additionally, (Cullinane & Yang, 2022) discuss 
the  implications  of  open  versus  closed  ETS  in  the  maritime  sector,  addressing  the 
challenges  of  integrating  shipping  into  existing  frameworks  and  exploring  alternative 
mechanisms like carbon taxes. 

Recent studies, such as (Ghisolfi, et al., 2024), employ simulation models to assess the 
impact of various decarbonisation policies on freight emissions, underscoring the need for 
more ambitious measures to meet climate targets. Their work emphasises the potential of 
policy  combinations,  like  modal  shifts  and  alternative  fuels,  while  acknowledging  the 
challenges of implementation within tight timeframes. (Czarnecka, et al., 2022) investigate 
the role of financial incentives, particularly subsidies and investment plans, in the European 
maritime decarbonization context, advocating for strategic funding allocation aligned with 
sustainable development goals. 

(Morchio,  et  al.,  2024)  investigate  green  finance  solutions  in  bulk  shipping,  revealing  a 
diverse range of approaches influenced by corporate strategy and size. They call for further 
research  into  sustainability-linked  financing  products  and  their  implications  for  broader 
corporate sustainability initiatives. In parallel, (Amundsen & Osmundsen, 2020) highlight 
challenges  faced  by  aquaculture  companies  in  obtaining  green  certifications,  while 
(Lagouvardou & Psaraftis, 2022) examine potential legislative impacts on CO2 emissions 
in maritime transport, emphasizing the intricate consequences for vessel operations. 

The  fragmentation  of  research  efforts  across  these  diverse  topics  suggests  a  lack  of 
cohesive  strategies  and  in-depth  understanding  of  specific  aspects  of  maritime 
decarbonisation funding. To address these issues,  (Camargo-Díaz, et  al., 2022) propose 
categorising maritime decarbonisation funding into three main areas: funding, policies, and 
incentives. This classification aims to streamline data and enhance comprehension of the 
multifaceted landscape of green finance for the shipping industry. 

3.2.2.  Overview of current financing products available  

This  section  presents  an  overview  of  the  results  of  the  mapping  exercise  on  available 
financing products for the decarbonisation of the maritime industry.  The main  output of 
this  exercise  was  a  database  of  financing  products  which  formed  the  basis  of  the  Ship 
Financing Portal, detailed in Section 4.  

Information was collected for each financing product identified to determine its relevance 
to  the  maritime  industry.  This  section  is  structured  around  the  information  collected, 
including the following: 

•  Type of finance provider 
•  Type of financing products 
•  Financing value 
•  Type  of  projects  financed  by  specific  products  –  related  to  their  Technology 

Readiness Level (TRL) and the decarbonisation activities 

•  Eligibility criteria 
•  Focus on SMEs 

A  total  of  60  products  were  mapped  in  this  exercise.  The  database  including  the 
comprehensive list of financing products is included in Appendix I of this report.  

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TYPE OF FINANCE PROVIDER  

Finance  provider  refers  to  what  type  of  body  manages  or  administrates  the  financing 
opportunity. For this exercise, three main types of providers have been identified: 

•  European bodies 
•  National development banks 
•  Private finance providers 

Other collaborations, such as public-private opportunities, have also been considered for 
the analysis. 

A summary of these results is presented in Error! Reference source not found.. 

Table 3-1 Characterisation of financing provider 

Type of finance provider 

Number providers 

European bodies  

National development banks 

Private financing providers 

21 (52%) 

9 (23%) 

10 (25%) 

Information gathered throughout this contract, via desk research and various stakeholder 
consultation  activities,  indicated  more  financing  products  are  available  through  private 
institutions  for  maritime  decarbonisation.  Many  of  the  stakeholders  consulted  cited  the 
need to resort to banks or other forms of private investors to access financing (Petropoulos, 
2024) (EDF, 2024).  

Despite  stakeholders  identifying  private  financing  products  as  the  most  common  the 
mapping exercise found more financing products identified from public bodies such as the 
European Commission. This is due to the following reasons: 

•  Services  are  not  considered  in  the  analysis.  The  analysis  was  focused  on 
products  that  are  directly  applicable  or  could  be  adapted  to  support  the 
decarbonisation of the maritime industry. Therefore, tailored services, which many 
private financing providers offer, were excluded from this analysis. 

•  Limited availability of information on private products. Private products are 
offered by a vast array of organisations, such as banks, investment funds and other 
private  institutions.  Public  information  on  these  products  is  limited  due  to  their 
commercial  sensitivity  therefore  limited  information  is  presented  in  the  Ship 
Financing Portal.  

TYPES OF FINANCING PRODUCTS 

A total of 60 products  have been mapped in this study, including umbrella programmes 
and  open  calls  under  these  programmes.  From  those,  40  correspond  to  products  and 
programmes (not including calls or specific projects). Their distribution into different types 
of products is shown in Figure 3-6. 

While these numbers provide a generalised overview of the types of financing available for 
maritime  decarbonisation,  they  do  not  fully  account  for  private  and  tailored  financing 
products as eluded to earlier.  

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Figure 3-6 Types of financing products mapped 

8% (3)

20% (8)

35% (14)

7% (3)

30% (12)

Loans

Grants

Guarantees

Multiple

Other

For the products mapped, details on  financing conditions (e.g. payback times, speed, 
interest  rates)  are  generally  not  publicly  available.  This  is  especially  true  for  products 
offered by private institutions. For public products, a “grant agreement” is usually referred 
to as the main mechanism to define financing clauses and other eligibility criteria. Research 
has shown that EU grants are typically paid either periodically (e.g. every quarter) or on a 
delivery  basis,  with  initial  payments  accompanied  by  grants  paid  in  arrears  based  on 
specific targets/ objectives and milestones.  

No general entry-barriers have been identified that exclude particular stakeholders from 
specific types of financing products. This could be related to programmes not being specific 
to the maritime industry and, therefore, not specifying a particular type of beneficiary (e.g. 
shipowners, shipbuilders). Further insights are provided on this aspect in the assessment 
of the eligibility criteria below.  

FOCUS ON SMES 

SMEs  are  eligible  for  funding  in  most  of  the  identified  programmes.  Similar  to  the 
technology type and technology readiness level, the eligibility criteria usually do not specify 
the  type  of  company  eligible  for  financing.  However,  from  our  consultation  activities, 
different stakeholders have mentioned that the application process is often complex, time-
consuming, and expensive, requiring a considerable amount of effort to put together the 
application and keep track of ongoing progress on the application. Stakeholders highlighted 
that  preparing  an  application  often  involves  gathering  extensive  documentation, 
conducting  detailed  financial  assessments,  and  ensuring  compliance  with  numerous 
regulatory  requirements. This process can  require  significant effort from internal teams, 
diverting resources from other critical operational activities. This has a negative impact on 
SMEs  as  these  often  do  not  have  the  resources  nor  the  expertise  to  go  through  the 
application procedure. As a result, SMEs are at a disadvantage. The administrative burden 
and the need for specialised knowledge in proposal writing and project management can 
deter many SMEs from applying, despite their eligibility and potential to benefit from these 
funding opportunities. 

The eligibility criteria seem to generally cover SMEs effectively, enabling them to access 
financing through the different products identified but the application procedure itself can 
significantly hinder access to financing for SMEs. 

FINANCING VALUE 

Financing  value  includes  the  funds  allocated  and,  when  relevant,  the  specific  amounts 
available for the maritime industry.  

In  the  specific  case  of  European  funding  programmes,  it  is  common  to  categorise  the 
available funds by component or project type. For some financing products, particularly EU 
programs like Horizon Europe and InvestEU, funds are distributed across various sectors 

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and are not exclusively reserved for the maritime sector. These programmes cover broad 
categories  such  as  transport  decarbonisation  or  technological  development,  allowing 
maritime  sector  stakeholders  to  qualify  for  funding  depending  on  the  specific  program 
requirements. Consequently, pinpointing the exact amount allocated to the maritime sector 
within these products is often difficult. 

Available information is often limited for other types of products, such as those offered by 
national banks or private institutions.  

Therefore, although several of the identified products have substantial funding available, 
it is often unclear how much could go to the maritime sector.  

Based on the publicly available information, the available funding has been categorised as 
follows:  

•  High – Total budget exceeds EUR 50 million 
•  Medium – Total budget ranges between EUR 5 and 50 million 
•  Low – Total budget is under EUR 5 million 

Figure 3-7 presents the amount of financing available for the financing products mapped 
in this study. For EU programmes, the total funding of the program is included, as these 
programs have numerous calls for which finance seekers in the maritime sector might be 
eligible. 

Figure 3-7 Financing value of the financing products mapped 

7% (3)

28% (5)

13% (5)

52% (21)

Low

High

Medium

Unspecified

High – Total budget exceeds EUR 50 million; Medium – Total budget ranges between EUR 5 and 50 
million; Low – Total budget is under EUR 5 million 

Half of the programs identified have a high financing value (over EUR 50 million), especially 
those related to European programmes. For European programmes, the overall budget of 
the  umbrella  programme  that  is  considered  relevant  to  the  maritime  industry  has  been 
accounted for, rather than the amount that could be applicable for each project financed 
under these programmes. Calls which are not directly targeted at the maritime sector but 
for which maritime finance seekers can apply have been considered. These include more 
general grants for decarbonising the transport sector or the economy as a whole.  

Information  on  the  financing  value  of  private  financing  products  is  often  not  publicly 
available. Therefore, the amount presented here for these financing products is expected 
to be underrepresented.  

Factors considered when prioritising projects to support: When deciding whether to 
support a project, finance providers consistently highlighted several key factors during the 
stakeholder  consultation.  One  of  the  primary  considerations  is  the  size  of  the  project. 
Larger projects often attract more interest due to their potential for significant impact and 
return  on  investment.  Financial  institutions  and  other  stakeholders  also  assess  the 

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technology maturity of the project. Projects involving well-established, proven technologies 
are generally preferred, as they present lower risks compared to those relying on nascent 
or untested innovations. 

Additionally, the overall risk level of the project is a crucial factor (EDF, 2024) (Daniel & 
Cenk, 2019). Financial institutions are particularly cautious about the risk profile, as higher 
risks can jeopardise the success and financial viability of a project. This includes evaluating 
potential  market,  operational,  and  financial  risks  associated  with  the  project.  Finance 
providers are generally more willing to provide financing for clients with whom they have 
a well-established relationship, typically offering such clients better financing conditions. 

Stakeholders also consider the strategic alignment of the project with their organisational 
goals  and  priorities.  Projects  that  align  well  with  broader  industry  trends,  such  as 
sustainability  and  technological  advancement,  are  more  likely  to  receive  support. 
Furthermore,  the  potential  social  and  environmental  impact  of  the  project  can  influence 
decision-making,  with  projects  demonstrating  clear  benefits  in  these  areas  often  being 
favoured. 

In summary, project size, technology maturity, overall risk level, strategic alignment, and 
potential social and environmental impact are key factors considered by stakeholders when 
prioritising projects to support. 

TYPE OF PROJECTS: TECHNOLOGY READINESS LEVELS AND TECHNOLOGY TYPE 

Most financing products do not specify the technology types or technology readiness levels 
(TRLs)  required  for  project  eligibility2.  Instead,  projects  qualify  if  they  meet  the 
programme’s  general  criteria.  However,  some  products  are  tailored  for  projects  in  their 
initial stages (low TRLs), often in the form of guarantees, such as Horizon Europe. 

European products are varied, covering different objectives and stages of projects. Some 
target projects with low TRLs (early stages), while others focus on more mature projects. 
Private products, however, tend to focus on mature projects due to the perceived lower 
risk. Most products do not specify specific TRLs for eligibility. 

Conversely,  some  European  financing  products  do  target  specific  TRLs.  For  instance, 
Horizon  Europe  supports  early-stage  projects  (proof  of  concept  and  pilot),  with  eligible 
TRLs depending on the call. Similarly, the Innovation fund offers financing support of high 
volume  to  projects  at  multiple  TRL  levels  with  a  special  focus  on  energy  and  industry 
decarbonisation proposals.  InvestEU focuses on mature projects (scale-up and  roll-out), 
especially those aligned with the EU’s strategic priorities of sustainability, innovation, and 
digital  transformation.  Private  institutions,  typically  more  conservative  due  to  risk  and 
regulatory concerns, prefer financing for more developed projects, assessing other metrics 
related to the risk profile of the borrower and project instead of defined TRL criteria. 

Eligibility  of  different  technology  types  also  mostly  depends  on  the  call  itself.  There  are 
calls for which only specific technologies are available, such as Horizon Europe which has 
had  past  calls  only  for  technologies  that  promote  digital  systems,  or  for  zero-emissions 
vehicles/vessels, among others. 

ELIGIBILITY CRITERIA 

Detailed information on the eligibility criteria has been gathered for each financing product, 
where publicly available. These  criteria primarily pertain to  eligible beneficiaries and the 
types  of projects or activities that can be funded. For  each program  and individual calls 
within these programs, both horizontal and specific eligibility criteria have been identified. 
This  information  was  deemed  essential  by  stakeholders  to  determine  their  eligibility  for 
particular financing products. 

Most financing products require that the proposed project aligns with the objectives of the 
product. These objectives can vary depending on the specifics of the project and the call. 

2 Based on the information collected through the development of the database (inventory) for the 

Ship Financing Portal (Section 4).  

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Generally, these are related to achieving certain environmental and social goals, such as 
reducing  CO2  emissions,  investing  in  specific  sectors,  or  involving  organisations  from 
various regions. 

In  summary,  understanding  the  eligibility  criteria  is  crucial  for  stakeholders  to  ascertain 
whether  their  projects  qualify  for  specific  financing  opportunities.  This  alignment  with 
product objectives ensures that the projects contribute to broader goals, enhancing their 
potential for funding approval. 

3.2.3.  EU funding mechanisms 

As  discussed  above,  the  European  Union  has  introduced  several  funding  mechanisms, 
including Innovation Fund, InvestEU3, Connecting Europe Facility (CEF)4, Horizon Europe5 
and  LIFE  programme6,  to  facilitate  the  overall  transition  to  green  initiatives.  These 
programmes have been assessed to determine whether they are to be considered relevant 
to the maritime industry.  

At the EU level there are some products such as Horizon Europe, the Connecting Europe 
Facility and the European Maritime Fisheries and Aquaculture Fund  which have  specific 
calls for the maritime sector. Whereas other financing products such as the Innovation 
Fund and LIFE Programme have calls to which finance seekers in the maritime sector can 
apply for financing through objectives which are not unique to the maritime sector. 

The European Investment Bank (EIB), as well being an implementing partner of many of 
the aforementioned programmes, is also involved in financing green shipping projects both 
through  direct  lending  and    targeted  intermediated  instruments  relevant  to  small  and 
medium-sized enterprises. However, it is important to note that despite the availability of 
this  type  of  instruments,  stakeholders  continue  to  highlight  significant  challenges  in 
accessing  various  financing  products,  primarily  due  to  high  thresholds  and  complex 
processes, among other factors. 

The  EU's  Innovation  Fund  was  highlighted  by  different  stakeholders  as  one  of  the  most 
important  instruments.  It  supports  the  demonstration  of  low-carbon  technologies  and 
processes in energy-intensive industries (including fuels and products that replace carbon-
intensive ones), as well as innovative renewable energy and energy storage technologies. 
Environmentally safe carbon capture, utilisation and storage (CCUS) is also supported. The 
fund runs for a period of six years (2021-2027) and offers a total of EUR 6 billion to eligible 
organisations. Four maritime projects were included in the first EUR 122 million financing 
wave  from  the  EU  Innovation  Fund  for  the  development  of  low-carbon  technologies  in 
2021, which demonstrates that the marine industry will benefit from its existence. In this 
context, 32 small-scale, low-carbon energy projects in 14 member states, plus Iceland and 
Norway,  will  receive  EUR  118  million  from  the  EU,  while  15  more  initiatives  will  receive 
EUR 4.4 million to help them through to completion (TradeWinds, 2021). Additionally, the 
2023  Innovation  Fund  call  received  an  extensive  response  with  337  applications,  34  of 
which were in the Mobility category. Of these, 70% were from the maritime sector, followed 
by  aviation  and  road  transport.  These  projects  promise  to  enhance  Europe’s  innovation 
and  industrial  capacity  and  secure  Europe’s  strategic  autonomy  (European  Commission, 
2024). 

3 Invest EU. Available at: https://investeu.europa.eu/index_en 
4Connecting  Europe  Facility  (CEF).  Available  at:  https://transport.ec.europa.eu/transport-

themes/infrastructure-and-investment/connecting-europe-facility_en  

5  Horizon  Europe.  Available  at:  https://research-and-innovation.ec.europa.eu/funding/funding-

opportunities/funding-programmes-and-open-calls/horizon-europe_en 

6 LIFE programme. Available at: https://single-market-

economy.ec.europa.eu/industry/strategy/hydrogen/funding-guide/eu-programmes-funds/life-
programme_en 

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International products 

The 2023 IMO indicative checkpoints have been agreed,  which will accelerate the need 
for  maritime  industry  to  invest  in  low-  and  zero-carbon  fuels  and  energy  efficiency 
technologies.  These  investments  must  come  through  efficient  financing  tools  and 
instruments that will offer support for either building new vessels or retrofitting existing 
ones,  generating  opportunities  also  for  the  EU  maritime  value  chain  (shipyards  and 
equipment manufacturers). Yet, although the policy signals are somewhat clear, there is 
industry hesitancy to make investments  or  to request financing investments in  cleaner 
solutions; a phenomenon that is more widely observed in smaller and medium companies. 
Bridging  the  gap  through  grant  funding  will  facilitate  actions  from  First  Movers  (World 
Economic Forum, 2023) to make vessel investments.  

In this context and in line with the IMO Initial GHG Strategy (IMO, 2023), FIN-SMART 
Roundtable  (IMO,  2020)  serves  as  a  regular  forum  for  key  maritime  stakeholders  to 
discuss financial challenges associated with the shipping industry’s transition. The main 
objective  of  the  roundtable  is  to  support  accelerating  financial  flows,  especially  in 
developing nations, for the decarbonisation of the maritime sector, aligning with national 
priorities and the objectives of the IMO’s Initial GHG Strategy. The third IMO-EBRD-World 
Bank FIN-SMART Roundtable was held on Friday, 23rd June 2024, at EBRD headquarters 
in London. 

TYPE OF FUNDING  

Overall, current European financing products aim to boost investment and drive economic 
growth  and  innovation  while  promoting  sustainability  across  the  European  Union.  In 
contrast  to  private  financing  products,  the  objectives  of  these  programmes  are  not  to 
generate a  return for the finance provider. Instead, the  funding from these instruments 
aims to stimulate the European economy and to make it more sustainable.  

Funding from EU products will typically provide better conditions than those offered by the 
private sector, via extensive use of grants, by providing more flexibility for paying out loans 
and through offering lower interest rates. 

With regards to European financing products available to finance seekers, results from the 
research  indicate  a  diverse  landscape  of  funding  options  aimed  at  fostering  innovation, 
growth and competitiveness within the sector, as shown in Figure 3-8. Over 50% of these 
products provide financing in the form of grants. Grants are particularly attractive to SMEs 
as  they  do  not  require  repayment  and  can  significantly  reduce  financial  barriers  to 
innovation and development. 

Figure 3-8 Types of financing products under EU programmes 

5%
(1)

14% (3)

19% (4)

5% (1)

Loans

Grants

Guarantees

Multiple

57% (12)

Intermediated Lending

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VALUE OF FUNDING  

Overall,  the  majority  of  European  products  have  high  funding  allocations,  with  fewer 
products  in  the  medium  and  unspecified  funding  categories.  This  prevalence  of  heavily 
funded  projects  within  the  European  product  landscape  is  due  to  umbrella  programmes 
having  very  large  budgets,  whereas  individual  calls  will  each  have  a  considerably  lower 
budget (usually under EUR 10 million). 

An overview of the financing value of EU programmes mapped in this study is shown in 
Figure 3-9. 

Figure 3-9 Overview of financing from EU financing products 

10%
(2)

19% (4)

71% (15)

High

Medium

Unspecified

High – Total budget exceeds EUR 50 million; Medium – Total budget ranges between EUR 5 and 50 
million; Low – Total budget is under EUR 5 million 

TYPES OF FINANCING PRODUCTS 

A  summary  of  the  type  of  financing  products  offered  and/or  administered  by  European 
bodies is presented in Table 3-2. 

Table  3-2  Overview  of  financing  products  offered  and/or  administered  by 
European bodies 

Product type  Frequency 

Purpose 

Characteristics 

Grants 

Loans 

Over 50% of 
identified 
financing 
products 

Typically used to support 
research and 
development, market 
expansion and 
technology adoption 

Non-repayable funds provided 
by the government or other 
entities, often requiring 
detailed applications and 
adherence to specific project 
goals and reporting standards 

The second most 
common form of 
financing 

To provide finance 
seekers with capital for 
expansion, equipment 
purchases and other 
operational needs. 

Repaid with interest over time, 
often with more favourable 
terms compared to traditional 
bank loans. 

The guarantee provider (often 
a government or financial 
institution) covers a portion of 
the loan if the borrower 
defaults on its payments, 
encouraging banks to lend to 
smaller, potentially riskier, 
enterprises and projects which 
are often in a very early stage. 

Guarantees 

Widely available 
alongside loans. 

To reduce the risk for 
lenders, thereby 
facilitating access to 
credit for SMEs. 

Intermediated 
lending 

Less common but 
significant. 

To provide financing 
through intermediary 
financial institutions, 

Funds are provided to 
intermediaries who then lend to 
SMEs, often with specific terms 

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such as regional or local 
banks. 

and conditions designed to 
support small business needs. 

The European Investment Bank (EIB) makes wide use of intermediated lending. Direct 
EIB  loans  typically  cover  up  to  50%  of  a  project's  total  cost  with  loans  starting  at  €25 
million  (EIB,  2024).  Most  SMEs  look  for  loans  smaller  than  this  amount.  EIB  provides 
financing  indirectly  by  lending  money  to  financial  intermediaries  (usually  local  banks  or 
other smaller financial institutions), as these financial institutions on the local level are the 
ones  providing  the  financing  to  finance  seekers  and  conduct  the  required  credit 
assessments  before  providing  the  financing  to  finance  seekers.  A  comprehensive  list  of 
intermediaries can be found on the EIB website7 which spans over 100 countries worldwide 
including a presence in all 27 EU Member States.  

Under the programmes identified, grants are the most common form of financing provided, 
followed in frequency by products combining different financing products and loans. One 
of the key differences between European public programmes from private products is the 
large amount of funding available as grants, which reflects the objective of European public 
financing products. 

TYPE OF PROJECTS: TECHNOLOGY READINESS LEVELS AND TECHNOLOGY TYPE 

Selected  European  products  identified  target  or  include  eligibility  criteria  relating  to 
technology readiness level (TRL).  

Horizon Europe for instance, targets projects which are in the proof of concept or pilot 
phase. In this phase, there is still a high degree of uncertainty, and projects are therefore 
perceived by finance providers as higher risk than more mature technologies which results 
in public financing being more difficult or not possible to obtain. This explains the need for 
well-funded public financing programmes at the European level such as Horizon Europe, 
which can support those early TRL projects which have difficulty in getting financing from 
tradition finance providers.  

The  Innovation  Fund  supports  projects  (TRL  6-9)  that  aim  to  scale  up  innovative 
technologies to a commercial level. Financed by the EU Emissions Trading System (ETS), 
the Fund provides grants of up to 60% of capital expenditure (CAPEX) for regular projects 
and up to 100% for competitive bidding projects (European Commission, 2024).   

On  the  other  hand,  programmes  such  as  InvestEU  or  CEF  target  projects  in  a  more 
mature phase, aiming to scale up an already consolidated idea and help with the  rollout 
and implementation process.  

Table 3-3 Level of maturity of projects financed under European programmes 

Level of maturity 

TRL 

European programmes 

Proof of concept 

TRL 1-3 

Horizon Europe 

Pilot 

TRL 4-5 

Horizon Europe 

Innovation Fund 

Demonstration 

TRL 6-7 

Innovation Fund 

Scale up 

TRL 8 

Roll out 

TRL 9 

Innovation Fund 

Invest EU 

CEF 

Invest EU 

CEF 

7 Partners for private and public sector  

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Although each of these programmes has a specific objective, it is important to highlight 
that  these  are  very  broad  and  versatile  programmes  and  depending  on  the  call,  the 
objective of the individual projects receiving support can vary considerably. The same can 
be said of the eligibility criteria. Due to their varied objectives and the variety of financing 
products available,  eligibility criteria  may differ between programmes  and individual  call 
requirements.  Furthermore,  for  many  of  these  products,  European  institutions  do  not 
directly provide the funding as those tasks are assigned to national implementing partners 
who are the ones deciding on who meets the eligibility criteria on the national level meaning 
that  criteria  can  vary  across  countries  and  even  between  institutions  within  the  same 
country  as  many  countries  have  multiple  financial  institutions  implementing  EU 
programmes. 

3.2.4.  National public funding 

The  results  of  the  mapping  exercise  included  products  throughout  the  European  Union 
which are administered or managed by national development banks. These products often 
involve the management of funding from programmes on the European level, with national 
development banks often being the implementing partners of European programmes in the 
respective countries.  

TYPE OF FUNDING  

With regards to the type of funding from national development banks, most of the financing 
products identified are loans (67%). 

Figure 3-10 Types of financing products under national development banks  

11%
(1)

22% (2)

67% (6)

Loans

Guarantees

Multiple

FINANCING VALUE 

National  banks  use  loans  extensively,  being  by  far  the  most  common  financing  product 
identified to be offered by national banks, followed in frequency by guarantees and more 
complex products which involve different or combinations of financial instruments. National 
banks have different sources of income, being one of the main European Union funds, with 
national development banks assisting entities on the national, regional, and local levels in 
the respective member-states in accessing funding from European products. It is often the 
case that the national bank manages the whole process, distributing the funds from the 
European  instruments  from  the  start  of  the  application  process  until  the  end  of  the 
assistance.  

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Figure 3-11 Value of funding under national banks 

22% (2)

33% (3)

11% (1)

34% (3)

Low

High

Medium

Unspecified

High – Total budget exceeds EUR 50 million; Medium – Total budget ranges between EUR 5 and 50 
million; Low – Total budget is under EUR 5 million 

In addition to disbursement of European funds, national development banks have a variety 
of national projects. There is diversity across the European Union in scope, objectives and 
financing  available,  and  the  values  offered  can  vary  considerably  across  the  European 
Union. 

3.2.5.  Private instruments 

For private instruments, the analysis focused on specific products that serve the maritime 
sector. 

Overall, literature sources indicate that European banks remain key players in providing 
finance  for  the  maritime  sector  (Petropoulos,  2024),  although  exact  figures  for  the 
financing  value  of  each  programme  are  not  available  as  most  of  these  are  defined  as 
financing products tailored to the needs and risk profile of the finance seeker.  

Results from the consultation and desk research activities indicated that many banks and 
other  financial  institutions  often  offer  services  or  tailored  financial  solutions  to  maritime 
sector finance seekers. However, the specifics of these products are not publicly available 
and are provided on a case-by-case basis, with specific conditions and requirements per 
project  or  stakeholder.  Thus,  these  services  have  not  been  considered  for  this  analysis. 
The analysis has, therefore, focused on defined and structured products offered by financial 
institutions for which the eligibility criteria are predefined and publicly available. 

TYPE OF FUNDING  

The  products  offered  by  private  institutions  differ  significantly  from  those  of  European 
institutions and national development banks, as private institutions focus on commercial 
returns. Consequently, they do not offer grants or guarantees, instead emphasising loans 
and  more  complex  financing  options  that  can  combine  various  products  under  one 
programme. 

Private  financial  institutions  also  offer  products  like  green  leasing  and  green  bonds, 
showcasing  their  versatility  in  providing  a  diverse  range  of  financing  options.  However, 
these  are  typically  contingent  on  meeting  the  bank's  requirements  and  complying  with 
prudential regulations, similar to other financing products offered by banks. 

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Figure 3-12 Types of financing products from private institutions  

20% (2)

30% (3)

50% (5)

Loans

Multiple

Other

Private financing options in the maritime industry have stricter eligibility criteria and are 
often tied to sustainability goals. This is due to the complexity of transitioning the sector 
to zero and low-carbon technologies, given the industry's long asset lifespan and potential 
for  stranded  assets.  Vessel  acquisition  or  retrofitting  demands  substantial  investment, 
necessitating complex schemes and solutions.  

Traditional financing institutions, such as private banks, have introduced green loans and 
sustainability-linked  loans  to  fund  new  vessels,  retrofits  and  green  technology 
development.  While  alternative  financiers  have  entered  the  market,  banks  remain 
dominant.  Private  companies  are  increasingly  using  sustainability-linked  loans,  green 
bonds, and green leasing schemes to raise capital for transitioning to alternative fuels and 
green technologies. These private instruments primarily focus on financing asset purchases 
rather than capacity-building.  

Information  about  these  financial  instruments  is  often  not  readily  available  online,  and 
details  on  interest  rates,  terms  and  repayment  periods  are  rarely  published.  These 
information  gaps  are  significant  from  the  private  sector,  particularly  in  relation  to  loans 
and schemes for financing the transition.  

One  major  takeaway  is  that  bridging  the  fuel  cost  gap  is  crucial  for  private  financing 
institutions.  Cost-efficient  financing  from  banks  and/or  private  institutions  along  with 
demand  aggregation  initiatives  between  cargo  owners  and  liners  to  cover  green  premia 
can help underwrite investment. Additionally, private institutions face unique risk profiles 
when funding green and sustainable investments which current regulatory frameworks do 
not adequately model. Capital requirements for banks and alternative financiers for these 
projects are extremely high, significantly increasing the cost of funding. 

Furthermore, it has been reported that shipowners, particularly SMEs, often face difficulty 
securing financing to modernise their fleets (EDF, 2024). Banks prefer financing new vessel 
purchases  over  retrofits,  as  older  ships  often  lack  clear  collateral  and  retrofit  loans  are 
smaller, offering lower returns relative to the administrative effort involved. 

FINANCING VALUE 

Given the complexity and often limited information of private products we were unable to 
find  the  allocated  budget  for  most  of  the  private  finance  products  we  have  identified. 
However, we believe that most of these products will probably into the high value category 
based on our stakeholder engagement activities.  

3.3.  Application procedures and technical advisory support  

The application procedure for finance seekers, as well as finance providers, is a significant 
process towards securing or providing suitable financing products for the green transition. 
Stakeholder  engagement  activities  were  focused  on  experiences  on  the  administrative 

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processes  involved  in  selecting  adequate  organisations  for  providers  to  finance  or 
discovering tools to receive as seekers, as well as support, received or provided towards 
the completion of their applications. Particular focus was given to identifying what barriers 
exist  in  the  administrative  process  of  applying  for  funding  and  what  these  obstructions 
mean for SMEs. 

Key findings 

•  The majority of finance seekers that have applied for financing over the past five 
years  reported  that  in  general  their  application  experience  has  been  somewhat 
positive or neutral. 

•  Finance  providers  and  third  parties  support  finance  seekers  with  their 
application  procedures,  both  in  technical  terms  as  well  as  regarding 
administrative processes. 

•  The nature  of the  instrument, the  applicant  and the financial  institution 
determine the time to obtain/provide a financing product/tool, with one to 
six months considered as average. 

•  Private  financing  institutions  have  a  standard  process  for  identifying  and 

selecting organisations that request funding. 

•  The stakeholder engagement activities identified certain challenges, with 
disproportionate  administrative  burdens  for  SMEs,  commercial  financing  routes 
(e.g.  private  banks)  being  more  efficient  than  public  financing  options  and 
resourcing requirements being the most significant. 

3.3.1.  Selection and/or identification processes 

Financial institutions have developed a standard process for contacting the counterparty, 
which includes arranging a call to understand the project, preparing financial modelling, 
holding internal discussions, and finally signing a binding document. These processes are 
industry standards across private institutions for identifying projects and organisations. An 
interesting  element  for  SMEs  is  the  interview  process.  An  international  financing  body 
highlighted  that  it  operates  as  a  finance  provider  for  banks,  allowing  them  to  distribute 
funds directly to banks, which then conduct their own diligence and procedures to distribute 
the money to SMEs. 

Most financial institutions stated that the application procedure typically lasts between four 
and nine months. The duration varies on the instrument, applicant and financial institution, 
with  finance  seekers  generally  needing  4  to  6  months.  Over  the  past  five  years,  most 
stakeholders reported a somewhat positive or neutral application experience.  

However, organisations interviewed suggested that the criteria for approving funding are 
not  entirely  clear.  They  recommend  a  more  standardised  approach  to  provide  clarity  to 
interested parties. 

3.3.2.  Type of support provided by finance providers and/or intermediaries for applicants 

wishing to utilise financing products/tools 

When asked whether finance seekers apply for tools or instruments directly or with help 
from a third party, slightly above half reported that they use the help of third parties and 
a third apply directly.  

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Figure 3-13 provides the full range of responses. As seen in the graph, five stakeholders 
selected the option ‘other’. For those, most pointed to using a mix of both options, on a 
case-by-case basis. 

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Figure 3-13 Direct applications or with the help from a third party/with additional 
support (share/number of responses)  

Maritime industry

10

16

5

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Directly

With the help from a third party

Other

Participants were also asked if and what additional support would be beneficial to them, 
highlighting  that  support  would  offer  advantages  and,  in  that  context,  identifying  three 
main processes as key for needing support. These are ‘administrative support’, ‘application 
writing’  and  ‘financial  advice’,  as  these  can  be  seen  in  Figure  3-14.  Among  those  who 
selected  ‘other’,  these  mentioned  lowering  administrative  burden  (e.g.  through 
standardised  products  and  approaches),  and  guidance  or  support  provided  by  the 
responsible funding organisation.  

When  asked  to  elaborate  on  their  responses,  two  stakeholders  pointed  to  SMEs  facing 
greater administrative burdens when applying for a financing product/tool. 

Figure 3-14 Type of support needed by the maritime industry when applying for 
a financing product/tool (share/number of responses, n=26) 

Type of support
needed

20

19

17

11

4

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Administrative support Application writing

Financial advice

Technical support

Other

From the finance providers’ perspective, the majority indicated that they provide support 
for  applicants.  Half  of  the  respondents  highlighted  that  they  provide  technical  support, 
while  quarter  suggested  that  they  focus  more  on  the  administrative  process.  Port 
authorities  also  highlighted  that  they  offer  support,  in  areas  such  as  gathering  the 
necessary documentation, completing the application writing and also providing financial 
advice to the applying parties.  

The  importance  of  support  was  also  highlighted  during  the  meeting  of  experts,  as 
participants welcomed the suggestion of introducing financial training programmes, which 
need to be accompanied by the simplification and standardisation of application processes.  

3.3.3.  Timeline for providing finance since the application submission 

Regarding the  estimated time to  receive  or provide  financial support, stakeholders have 
varied views. Finance providers and intermediaries reported a shorter timeframe (less than 
one month to nine months), while finance seekers indicated a longer period (one month to 
more  than  a  year).  Most  finance  seekers  reported,  during  interview,  receiving  support 
within one month to six months with fewer indicating seven months to over a year (as seen 
in Figure 3-15).  

Stakeholders generally agreed that the duration depends on the nature of the instrument, 
the  applicant  and  the  financial  institution  (e.g.,  private  vs.  public  opportunities).  For 

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instance,  one  maritime  industry  stakeholder  mentioned  that  R&D  projects  usually  take 
longer  to  receive  financial  assistance.  Experts  also  noted  a  challenge  due  to  the  timing 
mismatch between the start of shipbuilding activities and the initiation of financing. This 
discrepancy  has  posed  significant  challenges  for  EU  shipbuilders,  who  might  find  more 
favourable conditions in markets outside the EU, such as China. 

Figure 3-15 Duration of the process after the submission of the application until 
the financial support is provided (share/number of responses) 

Financial institutions

1

2

1

1

National/sub-national

1

1

Maritime industry

9

8

5

4

4

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Less than 1 month 1-3 months 4-6 months 7-9 months 10-12 months >1 year

3.3.4.  Main  challenges  and/or  barriers  to  the  administrative  process  of  applying  for 

financing products/tools for finance seekers 

Stakeholders identified several barriers and areas for improvement in the maritime sector’s 
financing application process. Finance seekers cited ‘time requirements to identify/apply’ 
as the main challenge followed by ‘resource requirement to identify/apply’. Many also noted 
a ‘lack of knowledge on where to look for opportunities’ and ‘unclarity on the suitability of 
the different options’. The summary of responses is provided in Figure 3-16. 

Insufficient resources or time were identified as significant barriers for both finance seekers 
and  intermediaries.  One  stakeholder  noted  a  lack  of  financing  opportunities  for 
commercialising  mature  solutions  to  decarbonise  the  maritime  sector,  while  another 
highlighted  the  greater  efficiency  of  commercial  financing  routes  (e.g.  private  banks) 
compared to public options such as the EIB.  

The interview process revealed two main challenges:  

1.  The uncertainty of the evaluation process 
2.  The administrative burden of applying 

A finance intermediary identified a significant burden in the application process for SMEs. 
SMEs often need external support to ensure quality application submission, which incurs 
additional costs and limits resources of business-as-usual activities. This cost is the same 
for  large  organisations  and  SMEs,  making  the  administrative  burden  disproportionately 
higher for SMEs, regardless of the funding amount. 

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Figure  3-16  Challenges  to  the  administrative  process  of  applying  for  financing 
products (share/number of responses) 

Financial institutions

1

National/sub-national

5

3

4

1

1

3

5

European bodies

1

Maritime industry

18

17

13

12

1

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Time requirements to identify/apply

Resource requirement to identify/apply

Lack of knowledge where to look for opportunities

Unclear on suitability of the different options

Other

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4.  DEVELOPMENT  AND  IMPLEMENTATION  OF  THE  SHIP  FINANCING 

PORTAL  

This section aims to outline the main characteristics of the Ship Financing Portal, including 
information on its structure and main functionalities, as well as on the financing product 
fiches that have been included in the Portal.  

4.1.  Implementation of the Ship Financing Portal 

4.1.1.  Structure  

The  digital  Portal  was  developed  to  be  a  user-friendly  website  that  allows  maritime 
stakeholders  to  easily  identify  relevant  financing  tools.  The  Portal  serves  as  a  one-stop 
shop for finance seekers of public and private sector financing and funding opportunities. 
It was designed in a manner that would enable it to be efficiently updated post-conclusion 
of the contract Ricardo holds to produce the first population.  

1)  Location of the site: Ship Financing Portal - European Commission (europa.eu). The 
site  is  located  within  the  transport  site  (DG  MOVE,  Europa)  under  the  maritime 
transport  mode  page.  The  European  Commission  (IT)  was  designated  with  the 
responsibility to implement the site according to Ricardo’s instructions and to provide 
feedback on the available approach and limitations. 

2)  Structure  of  the  site:  the  site  was  constructed  to  include  the  following  pages  and 
sub-pages which provide not only the list of available financing projects but an overview 
of the aims and objectives, as well as a link to the inventory. These features are outlined 
in the following boxes. 

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Box 4-1 Landing page for the Ship Financing Portal 

The landing page is a gateway to the portal and contain a hyperlinks to the Portal itself. 

Title - Ship Financing Portal 

About  –  The  Ship  Financing  Portal  provides  an  inventory  of  financing  products 
supporting investments in the shipping sector and the wider maritime industry. Access 
to adequate funding and financing is crucial for fleet renewal and retrofitting, enhance 
efficiency, and reduce environmental impact. 

The  Ship  Financing  Portal  centralises  access  to  a  wide  range  of  financing  products, 
including grants, loans, and bonds, making it easier for shipping stakeholders to find 
suitable opportunities to fund their needs, projects, and technology development. 

The  Portal  will  be  updated  periodically  to  reflect  the  latest  opportunities  within  the 
sector, ensuring that users have access to current and relevant information. 

Objectives and benefits 

•  Consolidated resource: Centralise access to a variety of pan-Europe financing 
products,  simplifying  the  search  for  suitable  financing  opportunities  for 
stakeholders across the maritime sector. 

•  Current  Information:  Provide  up-to-date  details  on  available  grants,  loans, 
and  other  financing  products  administered  by  the  EU,  Member  States,  and 
private  financial  institutions.  This  ensures  that  users  are  informed  about  the 
latest financing opportunities. 

•  Sector-specific  solutions:  Offer  information  on  financing  products  relevant 
for  the  shipping  sector,  facilitating  the  development  and  deployment  of 
technologies and services to promote shipping decarbonisation. 

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Box 4-2 Ship Financing Portal (inventory) 

The  portal  itself  is  a  sub-page  from  the  main  landing  page.  The  portal  lists  all  open 
financing  products  that  are  currently  open.  Filterable  lists  are  displayed  on  the  left-
hand side of the page to allow users to navigate financing sources based upon criteria 
such as financing value, TRL, applicable country etc. The full list of filter options are 
displayed in Appendix IV. 

For each financing opportunity, the title and a short description of the opportunity are 
displayed in this list format. Clicking on any financing product takes the user through 
to a more detailed information page described in Box 4-3.  

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Box 4-3 Example financing product page 

A comprehensive overview of each financing product is displayed upon clicking on an 
opportunity  on  the  main  portal  page.  A  sample  of  the  information  displayed  is 
presented  below  and  in  summary  it  contains  all  information  on  the  objective,  scope 
and eligibility requirements for each opportunity as well as relevant links and contact 
information. 

This information is also available to download in the form of a fiche document.  

4.1.2.  Financing products fiches  

The downloadable financing fiches contain all the information presented on the  Portal in 
one PDF document. An initial fiche design was presented by Ricardo at a convened Meeting 
of Experts on the 14th of May 2024. Critical questions were asked to industry experts across 
the maritime and maritime financing sector on what information would be useful to contain 
in the fiche document and the usefulness of their inclusion in the ship financing portal. The 
final fiche template is presented in Table 4-1. 

Post this meeting initial, fiche population was conducted by Ricardo and then any gaps in 
publicly  available  information  were  complemented  by  stakeholder  engagement  with  the 
relevant  administrative  authorities.  For  example,  Horizon  Europe  opportunities  were 
shared with CINEA. In total 60 fiches were created, including fiches per product and fiches 
to cover programmes that are ongoing but may not have an open call for funding/financing 
e.g. the Innovation Fund.  

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Table 4-1 Fiche template 

Type of information 

Description 

Programme name 

Provides information on the financing tool and/product name. 

Objective(s) and scope 

Provides the overall objective and scope of the financial 
instrument/ tool. 

Type of finance provider 

Information on where the source of the financing comes 
from. 

Administrating body 

Financing product 

Financing value 

Information on which body/organisation manages the 
financing product. 

Indicates the type of funds disbursement, such as grants, 
loans, equity or guarantees or a combination thereof. 

Provides the amount of money made available. In the case of 
funding programmes, a further distinction is often made on 
how much funding is available for each component or project 
type. 

Eligible countries 

Details which country or countries are able to apply for 
financing through this product. 

Eligibility criteria (if available) 

Provides a non-exhaustive list of eligibility criteria in terms of 
beneficiaries and project types/activities. For each funding 
programme, but also individual calls, horizontal and/or 
specific eligibility criteria may exist. It will include key 
information, to help project promoters judge their eligibility 
as entities, where available. 

Further information on 
eligibility criteria 

Any additional information on eligibility criteria that is not 
displayed above. 

Application period 

Technology type 

Technology readiness level 
(TRL) 

Previous projects financed 
example(s) 

Additional information 

Links 

Contacts 

Indicates the applicable period for the specific product/tool. If 
it is not already in place, indicates if the programme has been 
adopted and, if not, whether a political agreement has been 
reached. 

Provides a high-level overview of the types of technologies 
that can be financed through the funding programme/ 
financing product. This gives the readers a taste of whether 
their projects are broadly eligible for the financial instrument 
in question. 

Provides an indication of the technology readiness level (on a 
scale of 1-9) which is eligible for financing through this 
financing product. 

Examples of past project financed through this product. 

Any other information that does not align to other categories 
is displayed here. 

Provides available online resources on funding portals and 
where to find call for proposals, how to apply for funds, 
contacts points, the legal acts establishing the funds and any 
other possible additional sources of information, for those 
users that seek more in-depth information. 

Key contact information and administrative support for this 
product.  

4.1.3.  Maintenance of the Ship Financing Portal 

A  key  consideration  when  designing  the  Portal,  fiches  and  underlying  database  was  to 
ensure that they can be easily updated once this study contract is finished. Through the 

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design process, Ricardo has kept close liaison with the Commission’s IT team and produced 
input data in common formats such as Excel and Word that can be simply updating then 
uploaded  onto  the  live  site.  Ricardo  has  produced  template  files  that  can  be  used  to 
populate the portal with new information as new financing products become available.  

4.2.  Promotion and communication strategy 

Information on the different  promotion and  communication activities included as part  of 
the study is presented in this section. 

4.2.1.  Launching the Ship Financing Portal 

The Ship Financing Portal was successfully launched on July 29th, 2024. The key activities 
that marked this significant day included: 

•  A press release was published by the European Commission. Available at: European 
Commission  launches  Ship  Financing  Portal  to  boost  the  maritime  sector's  green 
transition - European Commission (europa.eu). 

News article | 29 July 2024 | Directorate-General for Mobility and Transport 

European  Commission  launches  Ship  Financing  Portal  to  boost  the 
maritime sector's green transition 

The Ship Financing Portal, designed to improve access to financing for the shipping 
sector and the wider maritime industry, is now online!  

The  platform,  launched  by  the  European  Commission’s  Directorate-General  for 
Mobility and Transport, provides businesses and organisations with a repository of 
available  financial  tools  needed  to  drive  fleet  renewal  and  retrofitting,  enhance 
efficiency, and reduce environmental impact. 

The Portal in a nutshell: 

•  Consolidated  resource:  the  portal  centralises  access  to  a  variety  of  pan-
European financing products, simplifying the search for suitable financing 
opportunities for stakeholders across the maritime sector. 

•  Current  information:  it  provides  up-to-date  details  on  available  grants, 
loans,  and  other  financing  products  administered  by  the  EU,  Member 
States,  and  private  financial  institutions.  This  ensures  that  users  are 
informed about the latest financing opportunities. 

•  Sector-specific solutions: the portal lists financing products relevant for the 
shipping  sector, 
facilitating  the  development  and  deployment  of 
technologies and services to promote shipping decarbonisation. This aligns 
with  the  EU's  commitment  to  steer  the  maritime  sector  towards  a  green 
transition. 

•  The launch of the portal is a further step in supporting the greening of the 
maritime industry. The  portal addresses the lack  of  available information 
on financing opportunities. 

The European Commission invites all maritime stakeholders, including small and 
medium-sized businesses, financial institutions, and other organisations to explore 
the Ship Financing Portal and take advantage of the diverse financing opportunities 
available. This initiative underscores the EU's dedication to fostering a sustainable 
and competitive maritime sector. 

For more information, please visit the Ship Financing Portal. 

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•  The Mobility and Transport newsletter was distributed, which included an entry to 
introduce  the  Portal:  “Now  online:  Ship  Financing  Portal  to  boost  the 
maritime sector’s green transition”.  

•  A post was published in X on the same date, available at: New Resource Alert - the 

Ship Financing Portal is live! 

Figure  4-1  Post  of  EU  Transport  (@Transport_EU)  X  account  (European 
Commission, July 29th, 2024) 

Other posts in X are scheduled in the coming weeks to continue the promotion of 
the Portal. 

4.2.2.  Media outreach and promotional material 

The  focus  of  all  the  communications  activity  was  to  drive  traffic  towards  the  Portal.  An 
approach was deployed to optimise the effort  and maximise the level of impact,  setting 
clear  milestones  and  communication  deliverables  for  distribution  through  the  channels 
identified above. 

All  communication-related  materials  were  designed  to  be  easily  promoted  and 
disseminated  via  identified  channels,  and  included  a  QR  code  to  facilitate  access  to  the 
Portal. These are included in Appendix V of this report. 

4.2.3.  Direct communication 

The  email  mailbox  (MaritimeGreenFinancing@ricardo.com)  was  used  to  directly  engage 
with  interested  stakeholders  and  to  distribute  communication  material,  keeping  them 
interested  and  informed.  In  addition  to  this,  the  members  of  the  European  Sustainable 
Shipping Forum (ESSF) group were be contacted through DG MOVE. 

4.2.4.  Participation in events 

In discussion with the  Commission,  face-to-face  engagement was  also indicated  to be  a 
valuable dissemination channel, specifically sectorial events such as workshops, seminars 
and conferences. 

For  these  occasions,  leaflets  and/or  slide  decks  were  developed  to  be  projected/shared 
with the participants to increase the visibility of the study, mainly focusing on the Portal. 
The added value of this approach is that such material is not only limited to the project's 
duration  but  will  still  be  relevant  afterwards  and  easy  to  update,  thus  guaranteeing 
sustained visibility after the project ends.  

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5.  RECOMMENDATIONS  ON  ACCESS  TO  GREEN  FINANCE  TO  ADDRESS 

IDENTIFIED MARKET BARRIERS 

Figure  5-1  summarises  the  findings  of  this  study  on  market  barriers  and  resulting 
recommendations on access to green finance to address those barriers. A comprehensive 
analysis of these recommendations is included as a separate Annex.  

Figure 5-1 Summary of market barriers and resulting recommendations 

Limitations of recommendations 

The  recommendations  provided  in  this  study  do  not  represent  detailed  financial 
strategies  or  guidance.  The  aim  of  the  study  was  to  develop  a  list  of  policy 
recommendations  to  improve  the  accessibility  and  availability  of  capital  for  maritime 
decarbonisation,  and  the  findings  contained  within  this  section  are  aligned  with  that 
objective.  Furthermore,  the  limitations  previously  stated  around  the  duration  of  the 
study,  limited  stakeholder  input  and  lack  of  publicly  available  information  on  private 
financing instruments hinder the ability to produce detailed financial recommendations.   

As  such,  the  recommendations  presented  here  should  be  viewed  as  a  foundation  for 
further  exploration,  to  address  the  barriers 
financing  maritime 
decarbonisation. 

identified  to 

Based  on  barriers  identified  through  a  literature  review  and  stakeholder  consultations, 
eight  critical  market  barriers  related  to  green  finance  for  the  shipping  industrial  were 
identified. These barriers represent the areas related to green finance where the maritime 
industry is most in need of intervention, either due to a lack of existing solutions or because 
current solutions are insufficient or not suited.  

To address these market gaps, three groups of recommendations were formulated:  

•  Group 1  – Financial recommendations address  challenges related  to financial 
aspects within the shipping sector and the ability of stakeholders to participate in 
financial markets.  

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•  Group  2  –  Regulation,  post-application  procedures  and  capacity  building 
recommendations  target  obstacles  in  administrative  processes,  regulatory 
frameworks, and the enhancement of skills and capabilities in the shipping industry  

•  Group 3 – Communication and streamlining recommendations focus on the 
dissemination of information and the optimisation of processes within the shipping 
industry.  

Within these three groups of recommendations, fourteen specific recommendations have 
been detailed, with a particular emphasis on those related to financing. Tailored financial 
instruments and support mechanisms are crucial for the maritime industry's transition to 
sustainable  practices  and  competitiveness.  These  recommendations  provide  practical 
solutions to financial market barriers hindering the adoption of green technologies and are 
presented into detail in the next section. 

5.1.  Financial recommendations 

the 

financial  recommendations 

The  objective  of 
to  accelerate  shipping 
decarbonisation  by  addressing  key  financial  barriers  and  fostering  sustainable 
practices within the industry. By providing targeted financial support and cost-sharing 
mechanisms,  these  recommendations  aim  to  facilitate  the  transition  towards  greener 
technologies and enhance industry competitiveness, enhance industry competitiveness and 
minimise financial barriers. These recommendations are formulated not only to encourage 
the  adoption  of  cleaner  technologies  but  also  to  support  the  industry's  competitiveness 
throughout its transition. 

is 

Thus, the recommendations focus on two primary areas of action (sub-groups of financial 
recommendations): 

1.  Targeted  financial  support  programmes  for  the  shipping  industry  including 
newbuilds  and  retrofitting  activities:  there  is  a  pressing  need  for  targeted 
financial support programmes  aimed at both newbuilds and retrofitting activities. 
financing  gaps  hindering 
These  programs  are  essential  to  address  the 
advancements  in  maritime  technology,  emissions  reduction,  and  sustainability 
initiatives. By focusing on tailored financial solutions, these seven recommendations 
aim to drive innovation, facilitate the adoption of greener technologies, and bolster 
the competitiveness of the shipping sector and wider EU maritime manufacturing 
and industrial value chain. These recommendations are summarised in the first part 
of Table 5-1.  

2.  Targeted  financial  support  and  incentive  schemes  for  onshore  bunkering  and 
recharging infrastructure: the objective of this group of recommendations is to 
accelerate the decarbonisation of the shipping industry through targeted financial 
support  and  incentive  schemes  specifically  designed  for  onshore  bunkering  and 
recharging  infrastructure.  The  focus  is  on  addressing  the  financial  and  technical 
challenges  that  hinder  the  widespread  adoption  of  alternative  fuels  and  energy 
sources. These recommendations encompass the identification of key areas where 
financial  interventions  can  have  the  most  significant  impact.  This  includes  the 
construction and enhancement of onshore bunkering facilities for alternative fuels, 
as  well  as  the  development  of  recharging  infrastructure  for  electric  and  hybrid 
vessels.  By  targeting  these  critical  components,  the  proposed  schemes  seek  to 
remove existing barriers, encourage investment, and support the industry's move 
towards sustainable practices. Four  recommendations were  formulated under the 
scope of this second group of recommendations that are outlined in the second first 
part of Table 5-1.  

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Table 5-1 Overview of financial recommendations  

Recommendation 

Suggested financing 
instrument(s) 

Market barrier tackled 

Targeted financial support programmes for the shipping industry including newbuilds 
and retrofitting activities 

1. Bridge the innovation financing 
gap 

2. Finance early-stage 
demonstration and testing 

3. Support retrofitting existing 
vessels 

Grants and Subsidies 

Quasi- Equity 

Blended Finance 

Concessions  

Customer Guarantees 

Grants and Subsidies 

Quasi- Equity 

4. Support fundamental research 
and feasibility  

Grants and Subsidies 

5. Finance shipbuilding  

Guarantees 

6. Introduce dedicated maritime 
financing and calls 

(All) 

7. Encourage traditional banks to 
provide specialised financing for 
maritime decarbonisation  

Standard Loans  

Grants and Subsidies 

Lack of financing 
instruments for certain 
activities and/or 
technologies 

Scarcity of financing 
opportunities for EU-
shipbuilding activities 

Financing instruments 
not fit for-purpose 

Targeted financial support and incentive schemes for bunkering and recharging 
infrastructure 

8. Finance fuel production 

Green loans 

9. Finance bunkering 
infrastructure 

Green loans 

10. Reduce the alternative fuel 
cost gap 

Guarantees 

Blended-Finance 

11. Introduce dedicated maritime 
financing and calls 

(All) 

Higher costs and lower 
availability of alternative 
fuels when compared to 
conventional fuels 

Financing instruments 
not fit for-purpose 

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5.2.  Regulation,  post-application  procedures 

and 

capacity  building 

recommendations 

Regulation  post-application  procedures  and  capacity  building  recommendations  aim  to 
enhance efficiency in decarbonisation efforts by streamlining approval processes, crafting 
clear  policy  frameworks,  and  establishing  support  mechanisms  with  comprehensive 
training programmes for seamless implementation. These recommendations are designed 
to  address  the  unique  challenges  faced  by  the  maritime  industry  and  promote  a  more 
effective transition towards sustainable practices.  

A summary of these recommendations is presented in Table 5-2. 

Table  5-2  Overview  of  regulation,  post-application  procedures  and  capacity 
building recommendations 

Recommendation  Description 

Actions  

Expected Outcome 

Mainstreaming 
Policy and 
Financial 
Regulatory 
Frameworks 
(Taxonomy) 

Ensure clarity and 
harmonisation 
standards within policy 
and financial regulatory 
frameworks for 
maritime 
decarbonisation 
initiatives. 

- 

- 

- 

Establish unified 
standards. 

Simplify 
understanding of 
requirements and 
processes. 

Facilitate 
specialised 
financing. 

-  Clear and 

harmonised 
standards. 

- 

- 

Simplified 
requirements and 
processes. 

Easier access to 
specialised 
financing. 

-  Create dedicated 

- 

Establishing 
Support 
Mechanisms for 
Administrative 
and Financial 
Training 

Address administrative 
burdens by offering 
comprehensive 
application process 
support and financial 
training. 

Offering Training 
Programmes for 
Evaluation and 
Bidder Teams 

Enhance industry-
specific knowledge and 
market dynamics for 
evaluation and bidder 
teams. 

teams or 
platforms for 
application 
support. 

-  Develop financial 

training 
programmes. 

- 

Provide training 
programmes 
focused on 
maritime 
decarbonisation 
projects. 

Accurate and timely 
submission of 
financing 
applications. 

- 

Enhanced financial 
literacy and 
capability among 
stakeholders. 

-  More accurate and 

informed 
evaluations of 
financing 
applications. 

- 

Better decision-
making and 
effective allocation 
of resources. 

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5.3.  Communication and streamlining recommendations 

Communication and streamlining recommendations aim to address significant market gaps 
hindering the adoption of innovative financial mechanisms for decarbonisation within the 
maritime 
focus  on  enhancing  communication, 
streamlining  access  to  information,  and  standardising  processes  to  facilitate  a  smoother 
transition to sustainable financial practices.  

industry.  These  recommendations 

The  scope  includes  establishing  centralised  information  platforms  and  fostering  public-
private partnerships to  ensure widespread  adoption and effectiveness. To  address these 
market  gaps  and  optimise 
for  decarbonisation,  enhancing 
communication and streamlining recommendations is essential. In that sense, establishing 
centralised  and  accessible  information  platforms  can  significantly  contribute  to  informed 
decision-making and efficient resource allocation.  

financial  strategies 

A summary of these recommendations is provided in Table 5-3. 

Table 5-3 Overview of communication and streamlining recommendations 

Recommendation 

Description 

Actions 

Expected Outcome 

Acting as 
comprehensive 
repositories of 
information and 
resources related 
to decarbonisation 
finance 

Providing detailed 
information on 
available financing 
options, eligibility 
criteria, and 
application 
processes 

Streamlining 
access to 
financing 
opportunities for 
various 
stakeholders 
within the 
maritime industry 

Centralised platforms 
can house a wealth of 
information, including 
guidelines, case 
studies, and best 
practices, aiding 
stakeholders in 
navigating 
decarbonisation 
finance. 

Offering a clear 
overview of various 
financing options, 
eligibility criteria, and 
application processes 
helps stakeholders 
identify suitable 
opportunities. 

A centralised platform 
would simplify the 
process of finding and 
accessing financing 
opportunities, offering 
a one-stop-shop for all 
financing needs. 

Develop and maintain 
a centralised platform 
that includes 
comprehensive 
resources on 
decarbonisation 
finance. 

Stakeholders have 
easy access to a wide 
range of information, 
enabling better 
understanding and 
decision-making. 

Create a detailed 
directory of financing 
options, including 
eligibility criteria and 
application processes. 

Stakeholders can 
efficiently identify and 
apply for suitable 
financing 
opportunities, 
increasing successful 
applications. 

Develop a user-
friendly, centralised 
platform that 
consolidates financing 
opportunities and 
related information. 

Simplified access to 
financing 
opportunities for 
stakeholders, saving 
time and effort in the 
application process. 

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to support investments in the shipping sector  

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Emission Price Dynamics: Implications for Shipping Markets. Energies 16(17). 

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plans 

help. 

at: 

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to support investments in the shipping sector  

APPENDIX I – METHODOLOGY 

This section includes a description of the methodology developed for the study, including 
information on the steps followed for each of the main tasks. These include the following: 

•  Task 1: Development and implementation of a Ship Financing Portal, including the 
assessment  of  financing  opportunities  for  the  decarbonisation  of  the  maritime 
industry 

•  Task 2: Formulation of high-level policy recommendations 

Task  1:  Development  and  implementation  of  a  Ship  Financing  Portal,  including 
the assessment of financing opportunities for the decarbonisation of the maritime 
industry 

Figure 0-1 Overview of the methodology for Task 1 

Step  1:  Assessment  of  financing  opportunities  for  the  decarbonisation  for  the 
maritime industry 

The main objectives of the assessment were to provide an overview of the current financing 
situation for the shipping industry and to assess the magnitude and scope of the available 
financing products and their relevance to the maritime sector. The assessment was mainly 
based on desk research to collect evidence. This research included the following: 

1.  Identify and collate information through a desk review in a continuous manner. 

2.  Review and synthesise policies, strategies and reports relevant to the project. 

3.  Summarise the information identified to feed into Tasks 2, 3 and 4 of the study. 

Under this step, the information needs were framed based on the primary objective of the 
desk  research,  which  was  to  analyse  the  main  financing  products  and  instruments 
identified, as well as any potential gaps and opportunities. As a result, a framework  was 
developed to input information on the main financing products and answer the following 
questions:  

(1) What are the types of financing products/tools available for the shipping industry? 

(2) Which organisation/institution is delivering each financing product/tool? 

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(3) Description  of  the  financing  products/tools,  including  information  on  their 
geographical  coverage,  applicable  period,  eligibility  (types  of  organisations  which 
are  eligible  for  the  product/tools),  and  type  of  activities  covered  (e.g.  ship 
operation, technologies, fuel), among others, considering the information publicly 
available. 

(4) Characteristics  of  the  financing  products/tools  (where  available),  including  total 
funding available and the proportion relevant to the shipping industry, as well as 
the speed, payback times, variable and interest rates. 

The  preliminary  outputs  from  this  task  formed  the  evidence  base  and  dictated  which 
information  was  a  priority  for  collection  through  the  stakeholder  engagement  activities 
under Step 3.  

Step 2: Market study to assess gaps and validate results 

The  main  objective  of  the  market  study  was  to  gather  both  quantifiable  and  qualitative 
data  on  the  status,  availability  and  applicability  of  maritime  finance  from  a  range  of 
stakeholders  in  the  maritime  industry  through  a  targeted  stakeholder  consultation. 
Furthermore,  this  consultation  sought  to  offer  insights  into  the  necessary  evolution  of 
maritime finance and how industry stakeholders can enhance their access to it.  

The insights gathered during the stakeholder consultation were analysed and incorporated 
into the stakeholder consultation analysis and are presented in Appendix III of this report. 
The  information  gathered  throughout  these  activities  contributed  to  the  mapping  of 
financing  products,  as  well  as  to  the  identification  of  market  gaps  for  financing  the 
decarbonisation of the maritime industry.  

Stakeholder mapping 

Table 0-1 shows the categorisation of stakeholders that was developed for the study. This 
stakeholder mapping aimed to be representative of the maritime sector, while considering 
the complexity of the industry and the different stakeholders involved. 

Each stakeholder group was then categorised according to their level of power and interest, 
which  determined  how  they  were  engaged  throughout  the  study.  An  overview  of  the 
number  of  key  stakeholders  identified  for  each  stakeholder  category  is  also  provided  in 
Table 0-1. 

Table 0-1 Stakeholder mapping 

Stakeholder group 

Number of 
key 
stakeholders 

Maritime industry 

80 

Stakeholder subgroups 

Shipowners / shipowners associations 

Ship operators / ship operators’ associations 

Shipowners & ship operators / associations 

Ship builders & shipyards / ship builders & shipyards 
associations 
Port operators 

Fuel supply chain 

Marine equipment manufacturers / associations 

Technology producers /suppliers 

Classification societies 

International regulators – IMO 

International/regional maritime industry associations 
/bodies /alliances /networks 
Other 

10 

European associations /bodies (e.g. Marine OEM) 

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European 
associations/ 
bodies/ R&D and 
advocacy 

Environmental NGOs 

Other R&D and advocacy (e.g. academia, foundations) 

International bodies 

4 

International bodies (e.g. ITF, OECD, WB) 

Financial institutions 

17 

International ship financing frameworks 

National Promotional Banks 

European Investment Bank (EIB) 

Commercial banks 

Alternative lenders 

Hull and machinery insurer 

Insurers 

5 

P&I Clubs 

Other insurers 

Member State Government ministries 

National/ sub-
national authorities 

European 
Commission 

Total 

25 

Member State national/regional competent authorities 

Port and harbour authorities 

2 

European Commission bodies /organisations 

143 

- 

Stakeholder consultation activities 

This task consisted of three main elements, including the following: 

1.  Targeted  stakeholder  consultation,  including  an  online  survey  tailored  to  specific 

stakeholder groups and follow-up interviews. 

2.  Roundtable with main industry stakeholders 

3.  Participation in expert meetings 

Targeted online survey 

The online survey was launched on the 27th of July 2023, and remained open until the 29th 
of  September  2023.  Ultimately,  62  responses  were  received  from  different  stakeholder 
groups. The survey responses by stakeholder type are shown in Figure 0-2. 

Figure 0-2 Survey respondents by type (all responses = 62) 

4 (7%)

5 (8%)

12 (19%)

Maritime industry

National/subnational authorities

Financial institutions

International bodies

41 (66%)

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Roundtable with stakeholders 

The main objective of this activity was to organise a roundtable with industry and financial 
stakeholders  together  with  the  European  Commission  to  gather  further  insights  on 
information gaps identified during the literature review and the survey for this study. These 
aimed to provide a comprehensive overview of the needs of the maritime industry in terms 
of financing tools for their decarbonisation activities. 

The main objectives of the roundtable included the following: 

a.  To introduce the study, as a means of marketing to the Portal. 

b.  To present the preliminary results from the online survey. 

c.  To gathering further insights from stakeholders on relevant aspects of the study. 

The  roundtable  with  main  maritime  stakeholders  took  place  at  the  conference  for  the 
Waterborne Days on September 26th, 2023, in Brussels. The insights gathered during the 
roundtable were incorporated into the stakeholder consultation analysis.  

Tailored interviews 

The  main  objective  of  the  tailored  interviews  was  to  gather  further  information  from 
different  stakeholders  on  open  questions  that  are  difficult  to  capture  through  an  online 
questionnaire, as well as to deepen the understanding and gather greater insight into the 
results of the online questionnaire. Interview questions were derived based on data gaps 
identified in the literature that remain after the targeted online questionnaire responses 
had been analysed. 

Tailored interview guides were developed, aimed at the following groups: 

•  Finance seekers (e.g. maritime sector stakeholders, maritime sector associations) 

•  Finance providers (e.g. financial institutions) 

•  Financing intermediaries 

In total, 12 interviews were conducted. There were five interviews with stakeholders from 
the  maritime  industry,  including  one  interview  with  representatives  of  maritime  sector 
associations,  six  interviews  with  financial  institutions  and  one  with  representatives  of 
European bodies. 

Step 3: Proposal for the Ship Financing Portal 

Database of financing products 

A database of financing products was developed to serve as an inventory of products for 
inclusion  in  the  Ship  Financing  Portal.  This  exercise  aimed  to  identify  and  prioritise 
financing  products  considered  relevant  for  the  maritime  industry,  and  included  the 
following: 

•  EU funding mechanisms, including specific calls relevant for the maritime industry 

•  National public funding mechanisms 

•  Private instruments 

Information sources used for this task included the results from the desk research and the 
information  provided  by  stakeholder  throughout  the  different  stakeholder  consultation 
activities.  

Information mapped for each financing product identified included the following: 

a)  Finance provider 

b)  Volume of funding available and, if available, proportion of funding relevant for the 

maritime sector 

c)  Types  of  financing  product  (e.g.  grants,  financial  instruments,  subsidies,  trust 

funds) 

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d)  Application period  

e)  Technical assistance options (e.g. high level, advisory assistance)  

f)  Expected beneficiaries, particularly SMEs 

g)  Type of activities covered (considering the decarbonisation activity and/or TRL) 

h)  Eligibility criteria or conditionalities 

i)  Key data sources and/or information portals 

The information was compiled in an Excel document which is included in Appendix II of this 
report. 

Design of the Ship Financing Portal  

The  Ship  Financing  Portal  was  designed  as  a  user-friendly  website,  which  aims  to  allow 
maritime  stakeholders  to  quickly  identify  relevant  financing  tools.  This  is  complemented 
with  a  comprehensive  user  guide  intended  to  facilitate  continued  management  of  the 
website after the contract ends. 

The main aspects considered for the design of the Portal were the following: 

•  Location:  the  site  is  located  with  the  Mobility  and  Transport  website  Maritime  - 
European  Commission  (europa.eu)  (Mobility  and  Transport  >  Transport  Modes  > 
Maritime > Ship Financing Portal) 

•  Structure: the Portal was structured in three different types of pages, as follows: 

1. 

2. 

3. 

Ship Financing Portal page, which includes information on the objective and 
scope of the Portal, as well as on the objectives and benefits. It also includes 
links to the (1) inventory and (2) FAQ.  

Inventory, which includes a list of financing products. The database serves 
as the basis for this inventory. This page also includes filtering options which 
can be used to tailor the results of the inventory of financing products. These 
filtering options are presented in Appendix IV of this report. 

Financing  product  pages.  A  specific  page  was  developed  for  each  of  the 
financing  products  included  in  the  Portal.  These  pages  included  the  same 
information as presented in the financing product fiches, which is detailed in 
Table 4-1. 

As  agreed  with  DG  MOVE,  a  disclaimer  was  included  on  the  website  and  in  the  product 
fiches to reflect the nature of the Portal. The disclaimer read as follows: 

The  information  provided  in  this  toolbox  regarding  private  financing  products  is  derived 
from  publicly  accessible  sources.  The  intention  of  sharing  this  information  is  purely 
informational and is not intended for commercial use or constitutes financial advice. Please 
consult  with  a  financial  advisor  or  professional  for  specific  financial  guidance  on  the 
products referred in this toolbox. 

The information to be uploaded to the website was developed by Ricardo and provide to IT 
Services from the European Commission for its uploading to the website.  

Financing product fiches 

Based on the information collected for each financing product and presented in the Portal, 
a PDF document was prepared. The objective of this fiche is for users to have the option 
to save, compare or share the information collected on relevant financing products.  

The final fiche template used for this purpose is presented in Table 4-1. 

The Portal was developed with the option to download a fiche for each financing product.  

Step 4: Implementation of the Ship Financing Portal  

Implementation of the Ship Financing Portal 

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The Ship Financing Portal was implemented by the European Commission IT Services with 
following information provided: 

•  Structure and objectives 

•  List of financing products and applicable filters 

•  Fiches in html and PDF format to be uploaded to the Portal 

Promotion and communication activities 

The objective of the communication and dissemination strategy was to define an effective 
approach to increase the knowledge and awareness of the Ship Financing Portal by:  

• 

Identifying  and  tailoring  key  messages  and  narratives  according  to  stakeholders’ 
needs and stimulating discussion around key policy issues. 

•  Designing and developing adequate communication tactics for the promotion of the 

Portal. 

•  Providing  clear  and  concrete  ideas  for  high-quality  and  impactful  communication 
material in the most suitable forms that match the communication objectives, the 
most suitable communication channels and targeted audience. 

Promotion and communication activities included the following: 

•  Media outreach and promotional material: a set of materials were developed 

for the promotion on the Ship Financing portal. These materials included: 

o  One leaflet (1-pager in A4 format) 
o  A summary slide deck (one slide)  
o  An extended slide deck (four slides)  
o  Other visual materials 

A QR code was included in these materials to facilitate access to the Portal.  

•  Social  media:  X  (formerly  Twitter)  and  LinkedIn  were  used  to  disseminate 

notification of the launching of the Portal, through the following channels: 

o  X: promotion posts from @Transport_EU account 
o  LinkedIn:  posts  from  DG  MOVE  officers  and  Ricardo  team  members  to 

promote the Portal 

Dedicated texts were prepared for this purpose.  

•  Direct 

communication: 

study 
(MaritimeGreenFinancing@ricardo.com)  was  used  to  directly  engage  interested 
stakeholders and distribute communication material, keeping them interested and 
informed. In addition to this, the members of the European Sustainable Shipping 
Forum (ESSF) group were contacted through DG MOVE. 

email  mailbox 

The 

the 

for 

•  Participation in events: Face-to-face engagement was a valuable dissemination 
channel, specifically sectoral events such as workshops, seminars and conferences. 
For  these  occasions,  leaflets  and/or  slide  decks  were  developed  to  be 
projected/shared with the participants to increase the visibility of the study, mainly 
focusing on the Portal. The added value of this approach is that such material is not 
only limited to the project's duration but will still be relevant afterwards and easy 
to update, thus facilitating sustained visibility after the project ends.  

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Task  2:  Development  and  implementation  of  a  Ship  Financing  Portal,  including 
the assessment of financing opportunities for the decarbonisation of the maritime 
industry 

Figure 0-3 Overview of the methodology for Task 2 

Step 1: Mapping and characterisation of market gaps  

The objective of this step was to identify areas within the maritime industry that necessitate 
intervention  and  to  identify  gaps  that  can  be  effectively  addressed  through  targeted 
recommendations. 

This  process  involved  a  comprehensive  review  and  processing  of  information  previously 
gathered  from  various  sources.  Data  from  stakeholder  consultation  activities,  which 
included  surveys,  targeted  interviews  and  roundtables,  as  well  as  outputs  from  an 
extensive  literature  review  covering  financing  products  available  for  the  industry,  were 
collated  and  scrutinised.  This  multifaceted  approach  ensured  that  a  broad  spectrum  of 
insights was considered.  

Following the data collection phase was the characterisation of barriers and needs within 
the industry. The intelligence gathered from the previous step served as the foundation for 
this analysis. Through a detailed examination, more than fifty distinct needs related to the 
decarbonisation  of  the  maritime  industry  were  identified.  Additionally,  the  analysis 
highlighted  the  specific  gaps  that  currently  prevent  these  needs  from  being  met.  This 
characterisation process was essential for understanding the complex landscape of barriers 
that  hinder  the  industry's  progress  towards  decarbonisation.  By  clearly  defining  these 
barriers and needs, a solid basis for formulating targeted recommendations in subsequent 
phases  was  established.  The  identified  gaps  range  from  technological  and  financial 
challenges  to  regulatory  and  application  obstacles,  all  of  which  require  strategic 
interventions to overcome. 

Step 2: Formulation and characterisation of recommendations 

For each of the barriers identified, one or more policy recommendations were developed. 
They aimed to address  the needs  of different stakeholder groups in the maritime  sector 
and to fill in the main financing gaps identified in the previous steps.  

Financial recommendations 

The  objective  of  the  recommendations  is  to  accelerate  shipping  decarbonisation  by 
addressing  key  financial  barriers  and  fostering  sustainable  practices  within  the  industry. 
By providing targeted financial support and cost-sharing mechanisms, these initiatives aim 
to  facilitate  the  transition  towards  greener  technologies  and  enhance  industry 
competitiveness. 

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A  bespoke  model  was  developed  to  formulate  financial  recommendations  targeting  the 
identified gaps. It was based on the Technology Readiness Level (TRL) of the investment 
technologies and the corresponding capital investment needed. This model also categorised 
financing  products  according  to  investment  levels  and  TRL  stages  to  predict  the  capital 
required  for  each  stage  of  development,  aiding  in  strategic  resource  allocation.  By 
leveraging  TRL  frameworks  and  expert  insights,  this  approach  offers  tailored  financial 
guidance to address specific technological maturity gaps. It  worked as a support tool for 
optimising investment strategies, ensuring efficient resource allocation and mitigating risks 
associated with technology development projects. 

1)  Categorisation of decarbonisation investment activities 

The first step was to categorise key maritime decarbonisation activities by their Technology 
Readiness  Level  (TRL)  and  associated  capital  costs.  This  framework  helped  in 
understanding the distribution of various decarbonisation activities based on their maturity 
and financial requirements in order to identify the most appropriate financing product for 
each  activity.  This  approach  was  built  upon  the  idea  that  there  is  a  clear  correlation 
between the maturity of the technology (TRL) and the associated capital costs. Early-stage 
activities are less expensive but crucial for building the foundation of future technologies, 
while  mature  technologies  require  significant  investment  for  large-scale  deployment.  At 
the  same  time  strategic  investment  planning  is  needed  to  identify  where  to  focus 
investments.  This  should  be  based  on  the  current  maturity  of  technologies,  with  the 
intention for there to be finance across all stages to achieve progress in decarbonisation of 
the industry. This process is summarised in Figure 0-4.  

Figure 0-4 Categorisation of decarbonisation investment activities  

2)  Categorisation  of  financing  instruments  according  to  TRL  level  and  level  of  capital 

investment 

The next step in the definition of financial recommendations was the categorisation of 
various financing mechanisms available for maritime decarbonisation activities by their risk 
exposure and cost of capital. The two figures together offer a comprehensive overview of 
how different financing products can support various stages of maritime decarbonisation 
activities, categorised by their TRL and capital costs. The categorisation of financing 
products is outlined in  

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Figure 0-5, where the horizontal axis represents the spectrum of risk exposure and cost of 
capital associated with different financing products, ranging from higher to lower risk and 
cost.  This  helped  with  understanding  the  financial  trade-offs  involved  in  selecting  a 
particular financing mechanism. 

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Figure 0-5 Categorisation of financing instruments 

By integrating the information from both figures, stakeholders can strategically align their 
financial  planning  with  the  specific  needs  of  maritime  decarbonisation  activities.  This 
integrated approach ensures that appropriate financial instruments are matched with the 
corresponding stage of technology development, thereby enhancing the effectiveness and 
efficiency of decarbonisation efforts in the maritime sector. 

Categorisation of investment activities and financing products 

Two categorisations of investment activities and financing products were produced for the 
study. First, investment activities were categorised by  TRL and capital investment levels 
as shown in Figure 0-4. The vertical axis of this figure represents the TRL, ranging from 
low  (early-stage  research  and  development)  to  high  (implementation  and  operation  of 
large-scale projects). It indicates the maturity of the technology or process involved in the 
decarbonisation activities. Meanwhile, the horizontal axis categorises the activities based 
on their capital costs: lower cost of capital (EUR 0-5 million); medium cost of capital (EUR 
5-50  million);  higher  cost  of  capital  (EUR  greater  than  50  million).  Through  literature 
review and expert judgement, the decarbonisation activities were categorised as follows:  

•  High  TRL  and  higher  cost  of  capital:  Activities  at  this  end  of  the  spectrum  are 
mature, ready for large-scale deployment and require substantial investment such as:  

- 

Implementation and operation of large-scale decarbonisation projects. 

-  Commercial deployment and active testing of decarbonisation solutions. 

•  Medium TRL and medium cost of capital: This category includes activities involving 
scaling and testing technologies that are beyond the initial research phase but not yet 
at full commercial deployment, as for instance:  

-  Scaling up production and deployment of decarbonisation technologies. 

-  Deployment and testing of decarbonisation solutions in controlled environments. 

-  Prototyping and initial testing of decarbonisation solutions. 

•  Low TRL and lower cost of capital: These are foundational and early-stage activities 
involving  basic  research  and  initial  concept  testing,  requiring  relatively  lower  capital 
investment. Such as: 

-  Research and development of decarbonisation technologies at a smaller scale. 

-  Demonstrating the feasibility of decarbonisation concepts. 

-  Early-stage exploration and research into decarbonisation technologies. 

-  Fundamental research into the principles underlying decarbonisation processes. 

Secondly, financing products were categorised as outlined in  

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Figure 0-5, where the horizontal axis represents the spectrum of risk exposure and cost of 
capital associated with different financing products, ranging from higher to lower risk and 
cost. This helps with understanding the financial trade-offs involved in selecting a particular 
financing mechanism. The following groups of products were designed:  

•  For  high-risk  exposure  and  cost  of  capital  activities  financing  options  include 
equity, blended finance and PPPs. These  are suitable due to their capacity to handle 
high-risk,  high-reward  projects  such  as  the  implementation  and  operation  of  large-
scale decarbonisation projects. 

-  Equity:  Represents  investments  where  investors  take  on  higher  risk  for 

potentially higher returns, suitable for high-risk projects. 

-  Blended Finance: Combines public and private  investment, balancing risk and 

return, often used in innovative or early-stage projects. 

•  For medium risk exposure and cost of capital activities guarantees and standard 
loans  are  appropriate  as  they  provide  a  balance  of  risk  management  and  financial 
support for scaling up production and testing decarbonisation technologies in controlled 
environments. 

-  Public-Private  Partnership  (PPP):  Involves  collaboration  between  government 
and private sector, sharing risks and rewards, ideal for mid-stage projects with 
moderate risk. 

-  Guarantees:  Provides  a  safety  net  for  lenders,  reducing  perceived  risk  and 

encouraging investment in higher-risk ventures. 

•  For lower risk exposure and cost of capital activities green loans, green bonds 
and  government  grants  are  suitable  for  early-stage  research  and  development 
activities, where risk is lower, but innovation is crucial for future advancements. 

-  Standard loans: Traditional financing with fixed repayment terms, used for well-

understood and lower-risk projects. 

-  Green  bonds:  Special  bonds  issued  to  fund  environmentally  friendly  projects, 

offering lower interest rates due to their green credentials. 

-  Green  loans:  Loans  specifically  tailored  for  sustainable  projects,  often  with 

favourable terms and conditions to encourage decarbonisation efforts. 

-  Government grants: Non-repayable funds provided by the government, ideal for 

foundational research and low-risk activities.  

Regulation, post-application procedures and capacity building recommendations 

Regulation  post-application  procedures  and  capacity  building  recommendations  aim  to: 
enhance  efficiency  in  decarbonisation  efforts  by  streamlining  approval  processes;  craft 
clear policy frameworks; and establish support mechanisms with comprehensive training 
programmes  for  seamless  implementation.  These  recommendations  are  designed  to 
address the unique challenges faced by the maritime industry and promote a more effective 
transition towards sustainable practices. 

Communication and streamlining recommendations  

industry.  These  recommendations 

Communication and streamlining recommendations aim to address significant market gaps 
hindering the adoption of innovative financial mechanisms for decarbonisation within the 
focus  on  enhancing  communication, 
maritime 
streamlining  access  to  information,  and  standardising  processes  to  facilitate  a  smoother 
transition  to  sustainable  financial  practices.  The  scope  includes  establishing  centralised 
information  platforms  and  fostering  public-private  partnerships  to  ensure  widespread 
adoption and effectiveness. 

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APPENDIX II – FINANCING PRODUCT FICHES DATABASE (Attachment)

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APPENDIX III – SYNOPSIS REPORT (Attachment)

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APPENDIX IV – SHIP FINANCING PORTAL 

The  Ship  Financing  Portal  provides  an  inventory  of  financing  products  supporting 
investments in the shipping sector and the wider maritime industry. The Portal centralises 
access to a wide range of financing products, including grants, loans, and bonds, making 
it  easier  for  shipping  stakeholders  to  find  suitable  opportunities  to  fund  their  needs, 
projects, and technology development. 

A key functionality of the Portal is its filtering options. These allow users to select specific 
filters, thereby generating a more precise list of financing products that are customised to 
their requirements. The filtering options implemented in the Portal are presented in Table 
0-1 to Table 0-5 below.

Table 0-1 Filter options for ‘financing type’ 

Type of information 

Description 

(Green) bond 

A bond of which the “use of proceeds” is earmarked to a 
defined green purpose. 

Sustainability linked loan 

A loan of which certain terms (including pricing) are linked to 
achieving defined ESG-related KPI’s 

Guarantees 

Blended finance 

Concession 

Grants 

R&D subsidies 

Capex subsidies 

A guarantee is a funder’s insurance policy against non-
payment should their borrower not be able to pay in the 
future 

A financial solution in which public- and private funding are 
combined (blended) towards a common goal. 

a grant of right by a government or local authority, to 
operate a certain shipping route against certain defined 
(decarbonisation-) conditions 

A grant is a financial donation awarded by the contracting 
authority to the grant beneficiary 

Subsidy to support certain pre-agreed (decarbonisation 
related) R&D activities 

Subsidy to support an investment with specific features such 
as emissions reduction. 

Contracts for difference (Opex 
subsidies) 

Agreement to pay / receive the difference in price between 
green energy and its fossil alternative, until the price 
difference has disappeared. 

Table 0-2 Filter options for ‘Eligible countries’ 

Eligible countries 

All EU and EEA countries 

Germany 

EU countries 

Austria 

Belgium 

Bulgaria 

Croatia 

Cyprus 

Czechia 

Greece 

Hungary 

Iceland 

Ireland 

Italy 

Latvia 

Liechtenstein 

Norway 

Poland 

Portugal 

Romania 

Slovakia 

Slovenia 

Spain 

Sweden 

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Denmark 

Lithuania 

Estonia 

Finland 

France 

Luxembourg 

Malta 

Netherlands 

Other non-EU associated 
countries 

Unspecified 

Table 0-3 Filter options for ‘Technology Readiness level’ 

Technology Readiness Level (TRL) 

Low TRLs (i.e. TRL 1-4): Concept development 

Medium TRLs (i.e. TRL 5-7): Prototype validation 

High TRLs (i.e. TRL 8-9): Market readiness 

Multiple 

Unspecified 

Table 0-4 Filter options ‘Technology Type’ 

Technology type 

Digital technologies 

Fuels 

Energy efficiency 

Multiple 

Unspecified 

Table 0-5 Filter options ‘Financing Value’ 

Financing value 

Low capital (EUR 0-5 million) 

Mid capital (EUR 5-50 million) 

High capital (EUR > 50 million) 

Unspecified 

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APPENDIX V – PROMOTION AND COMMUNICATION MATERIALS 

Material 

Document 

Leaflet (A4)(Attachment)

Presentation (PPT, 4 slides) 
Presentation (PPT, 4 slides) 

Presentation (PPT, 1 slide) 

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GETTING IN TOUCH WITH THE EU 

In person  

  All over the European Union there are hundreds of Europe Direct information 

centres. You can find the address of the centre nearest you at: 
https://europa.eu/european-union/contact_en  

 On the phone or by email 

  Europe Direct is a service that answers your questions about the European 

Union. You can contact this service: 

– by freephone: 00 800 6 7 8 9 10 11 (certain operators may charge for these

calls),

– at the following standard number: +32 22999696, or

– by email via: https://europa.eu/european-union/contact_en

FINDING INFORMATION ABOUT THE EU 

 Online 

  Information about the European Union in all the official languages of the EU is 

available on the Europa website at: https://europa.eu/european-
union/index_en  

EU publications 

  You can download or order free and priced EU publications from: 

https://publications.europa.eu/en/publications. Multiple copies of free 
publications may be obtained by contacting Europe Direct or your local 
information centre (see https://europa.eu/european-union/contact_en ). 

EU law and related documents 

  For access to legal information from the EU, including all EU law since 1952 in 
all the official language versions, go to EUR-Lex at: http://eur-lex.europa.eu 

Open data from the EU 

  The EU Open Data Portal ( http://data.europa.eu/euodp/en ) provides access to 
datasets from the EU. Data can be downloaded and reused for free, for both 
commercial and non-commercial purposes.  

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doi:10.2832/6551509