The Government of Finland has pledged €150,000 ($158,705) towards the International Maritime Organisation’s (IMO) GreenVoyage2050 project to support developing countries in the fight to reduce greenhouse gas emissions in the maritime industry.

The IMO initiative aims to support developing countries with their decarbonisation efforts to ensure that “no country is left behind” with pilot demonstration projects to explore technology in the ports and ships of Small Island Developing States (SIDS) and Least Developed Countries.

Finland’s funding contribution will specifically be used for the development of a SIDS study on alternative marine fuel production in the Caribbean region, including an analysis of what infrastructure and operational changes would be needed for alternative fuels to be meaningfully used in shipping. 

Jose Matheickal, director of the Department of Partnerships and Projects for the IMO, said: “This funding will enable the project to provide support to Caribbean SIDS in their maritime decarbonisation 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.”

Finland’s collaboration with the IMO follows the participation of fellow Scandinavian country Norway, which has fully backed the scheme since it began in 2019 and recently confirmed funding for Phase Two of the project up to 2030.

GreenVoyage2050 covers four main components according to the IMO: developing global tools to support the implementation of the IMO greenhouse gases strategy; building capacity, policy and national action plans; developing strategic partnerships and cooperating on technology, innovation and pilot demonstrations. 

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By GlobalData

Anita Makinen, alternate permanent representative of Finland to the IMO, said: “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.”

Finland’s involvement in the project follows the Port of Helsinki’s announcement that it was creating a new green corridor with the Port of Tallinn in Estonia.