Home Cyprus Green incentives for shipping being finalised says Shipping Deputy Minister Vassilios Demetriades

Green incentives for shipping being finalised says Shipping Deputy Minister Vassilios Demetriades

A series of green incentives rewarding those actively taking steps to support the transition to a zero-carbon future is currently been finalised and will be launched later this year, the deputy shipping ministry announced.

The incentives will take the form of a tonnage tax rebate for vessels demonstrating further reductions of the attained Energy Efficiency Design Index or reductions of the total oil consumption in two consecutive reporting periods.

“A long-term strategy for Cyprus is also under development, with the sustainability of the Cyprus flag, maritime cluster, and the wider shipping industry at its core,” the ministry said.

The announcement was made on the occasion of World Maritime Day marked annually on September 24, which this year has sustainable shipping for a sustainable planet as its theme.

“Striking the right balance between achieving a sustainable but commercially viable future for shipping is the greatest challenge facing the industry today. But it also presents significant opportunities for those willing to embrace the challenge and tackle it head on,” deputy minister for shipping Vassilios Demetriades commented.

“Ambition is essential to drive change on a global level, but we are also committed to ensuring we are protecting EU shipping operations. Cyprus is working constructively with the EU shipping community, regulators and industry, not only in building an environmentally sustainable EU maritime transport cluster that will lead the global efforts to mitigate climate change, but also to support safe, efficient shipping operations, ensuring continuity of trade and the well-being of seafarers. I look forward to continuing efforts in both these critical areas in order to move forward together into a new era of sustainable shipping.”

According to the announcement, Cyprus, a leading maritime nation, is already doing much to support the shipping sector during the coronavirus epidemic.

“Since May, around 5,000 seafarers have been repatriated or have been able to return to work through Cyprus. Crew changes remain possible in Cyprus provided certain conditions are met and the shipping deputy ministry remains committed to implementing procedures that enable seafarers to return to their families.”

Source: Cyprus Mail

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