Norway pledges nearly $20 million for phase two of GreenVoyage2050

Norway will fund the GreenVoyage2050 project with 210 million NOK ($19.4 million) to assist developing countries reduce shipping-related greenhouse gas (GHG) emissions.

PHOTO: Norway flag on a boat in Oslo. Getty Images

IMO and Norway launched the GreenVoyage2050 Project in 2019. This project aims to help developing countries, including island nations and least-developed countries, reduce GHG emissions from their shipping sector and meet IMO's recommended emission-reduction goals.

IMO will commence phase two of the GreenVoyage2050 project in December this year, after phase one concludes. The second phase will run through 2030.

“The extension of this project to the end of 2030 will ensure that developing countries are supported in the maritime decarbonization transition in line with the 2023 IMO GHG Strategy,” said IMO’s Secretary-General Kitack Lim.

The Norwegian government has now confirmed to allocate nearly $20 million in funding for the second phase of this project, IMO said.

According to IMO, the second phase of the GreenVoyage2050 Project will help participating countries finalise their National Action Plans for shipping. It will also identify pilot project opportunities for promoting the adoption of low- and zero-emission fuels and technologies in the shipping sector and assist them in obtaining funding for their implementation.

Furthermore, the initiative will study the production of low- and zero-emission fuels in these countries and work towards improving their accessibility.

Pilot members of the project include China, India, Georgia, Malaysia, and South Africa. In addition, Azerbaijan, Belize, Cook Islands, Ecuador, Kenya, Solomon Islands and Sri Lanka have also joined the project.

Besides Norway, the Government of Finland has pledged €150,000 ($157,112) over three years to support GreenVoyage2050.

By Konica Bhatt

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