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India mulls retrofitting subsidy for cleaner environment

India mulls retrofitting subsidy for cleaner environment

Mumbai: In addition to re-introducing the 30% shipbuilding subsidy that was discontinued in 2007, India's Shipping Ministry is actively considering bringing in a subsidy to be given to shipowners for retrofitting their older vessels so that the ships produce less pollutants and harmful emissions.

This was stated by Director-General of Shipping Dr Satish B Agnihotri in Mumbai, in the course of a conference session 'A New Era - How will Greener Shipping work?' on Saturday, the second day of the just-concluded India Shipping Summit that was organised by Seatrade and Tradewinds.

"A subsidy for retrofitting would need the backing of the Finance Ministry, and we are working on it," said Dr Agnihotri. "There is also a need to link coastal shipping with a clean development mechanism; and it could be done by awarding carbon credits to those who move their cargo from heavily polluting road transport to movement by sea."

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