Lenders seek to green the shipping industry with promise of savings

Ships, which carry 90 percent of global trade, are heavy polluters.

The 15 biggest vessels emit more nitrogen and sulphur than all the world’s cars combined.

Inefficient vessels cost the shipping industry $70 billion per year, but owners have little incentive to invest in upgrades.

Tens of billions of dollars in retrofit loans are needed to green the sector.

The Sustainable Shipping Initiative has designed a product to share savings between owners and charter firms.

The European Investment Bank has earmarked €250 million ($282 million) for loans to the over-indebted.

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Photo credit: Financial Times

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