Portugal Allocates €50M for Maritime Decarbonization

Funds to Support Transition to Low-Emission Vessels and Infrastructure

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Portugal, as part of its Recovery and Resilience Plan, has allocated a substantial financial package in 2024 aimed at decarbonizing and reducing emissions within its maritime and riverine merchant fleet. This initiative, with a budget of 50 million euros, underscores the nation’s commitment to sustainability within its maritime sector.

The approved funds, as outlined by Anave, are designated to subsidize 25% of the endeavors undertaken on Portuguese-flagged vessels operating in Portuguese waters, aiming to convert them into low or zero-emission vessels.

These subsidies encompass all project phases, from feasibility studies to onboard equipment installation and final testing, including certification processes conducted by Classification Societies.

Moreover, financial support will extend to initiatives targeting the replacement of fossil fuels, enhancements in energy efficiency, and other complementary measures. While emphasis is placed on decarbonization, efforts to reduce sulfur, nitrogen oxide, and particulate emissions will also be valued, alongside improvements in economic competitiveness.

A specific provision is allocated to Short Sea Shipping vessels, allowing for selection provided they achieve a minimum of 50% emission reduction compared to road transport. Additionally, projects within maritime or inland ports aimed at providing vessels with electricity, hydrogen, ammonia, and methanol will be eligible for financing.

Portugal’s initiative not only demonstrates a proactive stance towards mitigating maritime emissions but also signifies a strategic alignment with broader European and global sustainability objectives. By incentivizing the transition to cleaner propulsion technologies and supporting infrastructure development, Portugal aims to foster a more environmentally conscious and economically competitive maritime industry.

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