€40bn of annual green investments needed to maintain European shipping competitiveness: report

A report led by former European Central Bank President Mario Draghi highlights the urgent need for €40bn ($44.4bn) in annual investments from 2031 to 2050 to ensure European shipping remains competitive as it transitions to clean energy solutions. The report emphasises Europe's leadership in shipping but warns that decarbonising this and the aviation sector is challenging. Key focuses include scaling up clean fuel production, advancing clean technologies, and enhancing access to finance. The report also stresses upskilling 250,000 EU seafarers and streamlining decision-making to support Europe’s ambitious climate goals and maintain global competitiveness. (Offshore Energy)