Namely, the green incentives are to be finalised, as they will be launched later this year.
The incentives will take the form of a tonnage tax rebate for vessels demonstrating further reductions of the attained Energy Efficiency Design Index or reductions of the total oil consumption in two consecutive reporting periods.
What is more, a long-term strategy for Cyprus is also under development, with the sustainability of the Cyprus flag, maritime cluster, and the wider shipping industry at its core.
Striking the right balance between achieving a sustainable but commercially viable future for shipping is the greatest challenge facing the industry today. But it also presents significant opportunities for those willing to embrace the challenge and tackle it head on.
…deputy minister for shipping Vassilios Demetriades commented.
In light of the situation, Cyprus is collaborating constructively with the EU shipping community, regulators and industry, to establish an environmentally sustainable EU maritime transport cluster that will lead the global efforts to mitigate climate change.
Ambition is essential to drive change on a global level, but we are also committed to ensuring we are protecting EU shipping operations.
…deputy shipping ministry stated.