Q: Does the Accelerator provide funding for the pilot project?
Not directly. The Accelerator is not in a position to fund the pilot project itself (there is no provision of cash contributions). However, the Accelerator provides support to pilot project owners through the provision of technical assistance. Also, the Accelerator connects pilot project owners to financial institutions who may be able to provide loans or grants. The Accelerator can also assist with raising awareness to secure funding.
Q: What criteria do pilot projects have to meet to receive support under the GreenVoyage2050 Accelerator?
To be considered for support through the Accelerator, the project:
- Must be driven by a strong pilot project owner (e.g. ship owner/cargo owner/port authority who will ultimately make an investment into implementation of the project).
- Must deliver significant GHG reductions from vessels / in ports.
- Must be mature. The Accelerator will not engage in projects that are in R&D stage. The Accelerator provides support for projects that could be readily initiated once the pilot study confirms the economic / technical / environmental feasibility.
- Must be aligned with existing national policies to reduce emissions.
- Must have innovative aspects for the country (e.g. technology, processes, services, integrated systems).
- Must hold high potential to scale-up and to be able to replicate the project in the future.
- Should use local companies for production / installation will (as much as feasible).
Q: What type of support is available?
- Provision of policy, regulatory and technical advisory services
- Provision of support in undertaking economic / technical / environmental feasibility studies
- Sharing of information, knowledge and best practice.
- Matchmaking of projects and funding sources
- Provision of support to pilot project owners in securing finance more efficiently.
- Sharing of experience in project financing; identify / engage with financial institutions / investors.
- Making the needed network connections, for example: linking pilot project owners to government entities, policy makers and private sector.
- Branding and outreach, for example: promotion of all pilot projects through IMO and partner channels.
- Provision of administrative support, for example: coordination of pilot project preparation work, connecting to stakeholders, organizing meetings.
- Experience sharing, knowledge building and training provision by the GreenVoyage2050 technical team.
Q: Who is eligible for support under the GreenVoyage2050 Accelerator?
Pilot projects must be in partnering countries of the IMO-Norway GreenVoyage2050 project, which at present, are:
- Cook Islands
- Solomon Islands
- South Africa
- Sri Lanka.
Support from the GreenVoyage2050 Accelerator is channelled through the Government in those countries.
Q: How can I find out more about submitting a proposal for pilot projects in my country?
If the country in which you would like to establish a pilot project is in the list of partnering countries of the IMO-Norway GreenVoyage2050 project, contact the lead agency involved which are accessible on our page outlining the partnering countries. These lead agencies can then reach out to the GreenVoyage2050 Project for support and assistance.