Green Maritime Fund proposed for UK recovery

Published by the British Ports Association (BPA) for the UK government, ‘UK Ports: Coronavirus Economic Recovery Plan’ highlights how investment in ports can play a part in the UK’s fight to get back on its feet in the wake of the first COVID-19 peak and outlines a framework for recovery which focuses on three key areas to kickstart economic activity.

Richard Ballantyne, chief executive at the BPA, said: “A key message is that we want energise our ports by igniting their potential to fire up the economy. Let’s make it happen.”

The BPA’s Green Maritime Fund idea is contained within its medium term proposal of a massive scaling up of the UK’s infrastructure ambitions.

The BPA said it welcomes the Government’s sustainability, objectives but stresses that significant investment in the right areas will be required to achieve these targets.

Port plant, equipment and vessels themselves can have a 30+ year lifespans, meaning investments being made now may still be in use by 2050 – the UK’s target to be ‘net zero’.

The BPA said the combination of urgency and uncertainty mean a specific fund is needed to support the sector, unlocking capital through direct anchoring investments, demonstrating new technologies, de-risking investment, and scaling new technologies and innovation.

Such spending would help the economy at a difficult time and tie-in with one of the Government’s most critical long-term policy aims.

Tax incentives could also enable climate change investments to support the recovery and provide future economic and environmental resilience.

Investment in green maritime projects from Government have so far been fairly limited and small scale, noted the BPA. These have been welcome but are dwarfed by the scale of investment in green vehicles, for example. Renewables projects are prime for cash.

The BPA will also shortly be publishing a paper that explores how to overcome the barriers to ship-to-shore power.

In addition to the medium term proposal, the plan includes a short term proposal of continued medium-term cash flow and business support and a long term vision of a bold and broad-based inclusive Freeports and fast track planning policy.