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ARTICLE · 01 MARCH 2024

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Cyprus Shipping 2024 | New Green Incentives Programme

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The Cyprus Shipping Deputy Ministry recently announced a new ‘Green Incentives Programme', aiming to reward vessels which effectively reduce their greenhouse gas emissions.

CyprusTransport
Stella Georgiadou
Stella Georgiadou
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The Cyprus Shipping Deputy Ministry recently announced a new 'Green Incentives Programme', aiming to reward vessels which effectively reduce their greenhouse gas emissions.

These measures form part of the general efforts of the Shipping Deputy Ministry – in line also with the European Green Deal – for promoting sustainable shipping practices which will bring the industry one step closer to the green transformation. The European Commission's Green Deal encompasses a series of policy initiatives aimed at achieving climate neutrality for the European Union by 2050.

As from January 2024, shipowners of Cyprus and Community ships will be eligible to receive up to a 30% reduction in annual tonnage tax, for each vessel that shows proactive measures in minimizing their environmental footprint, thereby incentivizing sustainable shipping practices.

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