WSC says financial measures are key in EU's STIP implementation to make renewable fuels competitive

“The European Commission’s publication today of the Sustainable Transport Investment Plan (STIP) is a promising first step toward accelerating the energy transition in Europe for shipping,” says Jim Corbett, WSC’s Environmental Director, Europe.

“The plan sets out a framework for financing to unlock investments and scale up production of renewable and low-carbon fuels. Now the strategy must be taken forward in ways that deliver real impact on maritime decarbonization.”

The Commission estimates that 20 million tonnes of sustainable alternative fuels will be needed by 2035 for aviation and maritime sectors combined. WSC’s EU Shipping Decarbonisation Report, released earlier this year, shows that the maritime sector alone could uptake 14.4 million tonnes of oil equivalent (Mtoe) of renewable fuels by 2035—around 70% of the Commission’s combined target—if the right investment conditions are in place. This demonstrates both the scale of the opportunity and the urgency for action.

Read the full Press Release on the STIP here.