The Cyprus Shipping Chamber (CSC) recently announced that it welcomed the adoption of the Net-Zero Industry Act proposal by the European Parliament.

As explained by the European Commission, the Net-Zero Industry Act (NZIA), first proposed on March 16, 2023, aims to bolster European manufacturing capacity for net-zero technologies, aiding in the transition to a climate-neutral economy.

The regulation seeks to enhance competitiveness and resilience in the EU’s net-zero technology industrial base, aligning with the goals of the Green Deal Industrial Plan.

It focuses on promoting investments in key products essential for achieving climate neutrality.

The NZIA distinguishes between net-zero technologies and strategic net-zero technologies, providing additional benefits for the latter, such as priority status and shorter timelines for project implementation.

In addition, technologies covered include solar, renewable energy, storage, carbon capture, and grid technologies.

The proposal sets benchmarks for manufacturing capacity and CO2 storage capacity to meet deployment needs, offering predictability for manufacturers and investors.

“This is a crucial step to ensure that clean fuels for shipping will be available in the market at an affordable price, thus contributing to achieving the goals of reducing emissions from shipping stemming from the FuelEU Maritime regulation,” the chamber stated.

Moreover, according to the chamber, “scaling up production and uptake of clean fuels for shipping is a top priority for the maritime industry to achieve zero greenhouse gas emissions by 2050″.