GreenVoyage2050 Accelerator

No. The GreenVoyage2050 Accelerator will not provide direct cash contributions to any stakeholder and will not finance the implementation of the projects at this stage. Instead, it will support pilot project owners through the provision of tailor-made technical assistance valued at up to US$250,000 per selected pilot project feasibility study. It is expected that if the feasibility study yields positive results, the pilot project owner will progress towards implementation, and the Accelerator will provide assistance in connecting to funding partners where appropriate.

Pilot projects should promote the deployment of zero-or near-zero GHG emission solutions onboard ships and in ports. Proposed pilot projects should have the potential to be implemented if the feasibility study yields positive results. Some example that may be considered include:

• Installation of innovative energy-saving devices on-board ships;
• Hybridization of ships – use of battery and electric power;
• Infrastructure development for the provision and bunkering of alternative marine fuels;
• Technologies that would enable ships to reduce emissions in port.

The Accelerator does not support projects that do not have the potential to reduce GHG emissions from ships. For example, projects solely focused on reducing port emissions (e.g., electrification of port cranes) will not be eligible.

The pilot project should include innovative aspects for the country, and be able to demonstrate clear advancements in technology, processes, or integrated systems that contribute to the reduction of GHG emissions from ships. Pilot projects that are developed for the sake of achieving regulatory compliance with IMO instruments will not be considered.

To be considered for support through the Accelerator, the project proposed must:

1. Be driven by a strong pilot project owner (e.g., a government entity/ authority who will ultimately make an investment or co-investment into the implementation of the project should the feasibility study yield positive results).
2. Deliver significant GHG reductions from ships.
3. Be fairly mature (the GreenVoyage2050 Accelerator will not engage in projects in the R&D stage but focus on projects that could be readily initiated once the pilot study confirms economic/technical/environmental feasibility).
4. Be aligned with existing global and national policies to reduce GHG emissions from ships.
5. Have innovative aspects for the country (e.g., technology, processes, services, integrated systems).
6. Be driven by an applicant entity / bring together a team with the necessary expertise and experience to successfully deliver the project.
7. Be technically sound in conception and presentation.
8. Have strong prospects for successful implementation and sustainability beyond the project duration.

Advisory Services:

• Provision of policy, regulatory, and technical advisory services, including support for economic, technical, and environmental feasibility studies and sharing of information, knowledge, and best practices.
• Analyzing pilot projects in the context of policy, legal, and regulatory frameworks.

Technical Assessment:

• Researching and identifying potential low/zero-carbon technology options suitable for the ship type and operational profile.
• Conducting analysis of each option considering factors like fuel availability, infrastructure, and carbon intensity of the local electricity grid to evaluate technical and operational feasibility.
• Analyzing emission reduction potentials, providing both quantitative and qualitative assessments, and documenting any limitations due to data constraints.
• Evaluating and comparing technology solutions, outlining pros, cons, and relevant weighting factors.

Economic Assessment:

• Assessing the costs and benefits of the technological solution, including economic viability and potential cost-effectiveness.
• Proposing financial models and mechanisms to support implementation.

Risk Assessment:

• Identifying barriers, challenges, and risks associated with the technology option and providing general recommendations.
• Providing recommendations for implementation, measures to mitigate risks, and strategies for technology scale-up.

Stakeholder Engagement:

• Identifying and liaising with stakeholders for necessary data collection, utilizing data proxies where direct data is unavailable.
• Matchmaking of projects and funding sources (supporting pilot project owners in securing finance more efficiently; sharing of experience in project financing; identifying/engaging with financial institutions/investors).

Communication and Administrative Support:

• Promotion of all pilot projects through IMO and partner channels.
• Coordinating pilot project preparation work, connecting stakeholders, and organizing meetings.

Annual open calls are issued for applicants to receive support from the GreenVoyage2050 Accelerator.  Applications are invited from interested government entities (e.g., Ministries, Departments, Agencies, etc.), as well as State-Owned Enterprises (SOEs). Government entities may be at the national or subnational level (e.g., State Governments, local port authorities, etc.) from developing countries that are eligible to receive Official Development Assistance (ODA).

At present Private sector companies are not eligible to apply unless the proposal for a pilot project feasibility study is intended to be developed jointly with a government entity. In that case, the application must be submitted by the government entity.

GreenVoyage2050 issues annual open calls through IMO Circular Letter and these are shared on our website. Our 2024 Open call was issued via IMO Circular Letter (No. 4914). All submissions must be made following the application procedure outlined in the open call to receive support through the GreenVoyage2050 Accelerator.

Full information, including details on eligibility for submissions, can be found within our Accelerator Application Guide.