Following a series of initiatives to quicken India’s transition to a greener shipping industry, the Ministry of Ports, Shipping, and Waterways (MoPSW) announced it will contribute nearly a third of the funding to green shipping initiatives there.
For all vessels manufactured by the industry, the ministry contributes 20% of cash (with a 3% reduction each year) under the Center’s financial aid for the shipbuilding programme. This will now be increased to 30% of the project cost for green shipping to encourage the building of ships using alternative fuels.
The main goal is to inform the shipbuilding sector that environmentally friendly ships would be given priority. Only ships will be subject to the green finance scheme; not supporting infrastructure. It was not immediately known whether a new fund would be established for this programme or if the ministry would use the leftover money from the current Rs 4,000 crore shipbuilding aid programme.
The choice was made during the MoPSW’s chintan shivir, which was presided over by Union Minister Sarbananda Sonowal. The ministry wants to kick-start India’s shipbuilding industry with this action. According to the ministry’s response to a question in Parliament, only 6% of the total amount for shipbuilding assistance has been utilized up to this point, or Rs 241 crore. The operating phase of the project expires in three years.
The choice was made during the MoPSW’s chintan shivir, which was presided over by Union Minister Sarbananda Sonowal. The ministry wants to kick-start India’s shipbuilding industry with this action.
According to the ministry’s response to a question in Parliament, only 6% of the total amount for shipbuilding assistance has been utilised up to this point, or Rs 241 crore. The operating phase of the project expires in three years.
Additionally, the ministry agreed to quicken the Green Tug Transition Programme. The purchase of two green tugboats would be made by four state-owned ports: Jawaharlal Nehru Port (Navi Mumbai), VO Chidambaranar Port (Tuticorin), Paradip Port (Paradip in the Jagatsinghpur region of Odisha), and Deendayal Port (Kandla).
Along with the Green Ports Policy, which allows ships using cleaner fuel and vessels to gain preferential berthing, the Centre also announced the electrification of 50% of all 12 of its major ports, which would rise to 90% in 2047.