Finland pledges funding for IMO-GreenVoyage2050 project

The Government of Finland has pledged funding worth €150,000 to the IMO-GreenVoyage2050 project which supports developing countries in their efforts to reduce Greenhouse Gas (GHG) emissions from ships and in ports.  

The funding received will support the development of a Small Island Developing States (SIDS)-specific study on the alternative marine fuel production potential within the Caribbean region. The research will include analysis of what infrastructure and operational changes are required for alternative fuels to be used in shipping in a meaningful way.  

Other activities proposed include the hosting of a regional stakeholder roundtable, with a view to the possible development of a regional maritime alternative fuels roadmap, and identification of potential sources of finance for its implementation. 

The GreenVoyage2050 Project is an IMO initiative that aims to ensure no country is left behind in maritime decarbonization.

It has been instrumental globally in supporting developing countries, including SIDS and Least Developed Countries (LDCs), to make progress with the implementation of the IMO GHG Strategy. This covers pilot demonstration projects on maritime decarbonization and exploring technologies in their ports and on their ships. 

For the majority of SIDS, the maritime industry is a lifeline as it is their dominant connection to global trade. This is particularly the case in the Caribbean region, where significant maritime trade is channeled, both globally and regionally, between SIDS. 

“With Finland becoming a GreenVoyage2050 donor, the project’s work has been given a boost, enabling it to focus on pilot demonstrations, support beneficiary countries in developing closer coordination in their energy transition plans, and identify potential alternative fuel opportunities for maritime decarbonization,” IMO emphasized.

“The GreenVoyage2050 Project is a demonstration of our commitment to supporting developing countries in our united global effort to reduce emissions from shipping. This funding will enable the project to provide support to Caribbean SIDS in their maritime decarbonization in line with the IMO GHG Strategy, by providing them with a solid understanding of maritime alternative fuel transition opportunities, and related needs for investment and infrastructure changes,” Jose Matheickal, Director, Department of Partnerships and Projects, IMO, commented.

“Finland is committed to supporting SIDS in their efforts to reduce maritime emissions in line with the IMO GHG Strategy. SIDS are vulnerable in the face of accelerating climate change. Therefore, we are pleased that this contribution will build on the important work being done by the GreenVoyage2050 Project in supporting SIDS,” Anita Makinen, Alternate Permanent Representative of Finland to IMO said.

GreenVoyage2050 has been funded by the Government of Norway since its inception in 2019 and, in an agreement signed by Norway and IMO, funding was confirmed for Phase Two of the project up to 2030.