As Washington Celebrates Law Offering Climate Dollars, Shipping Has Yet to Apply

Maritime attorney Sean Pribyl was cited in a TradeWinds article about the shipping industry's access to funds from the Inflation Reduction Act (IRA). The law, enacted a year ago, provides about $783 billion in funding for green energy and decarbonization projects, but funding has yet to reach the shipping sector. Mr. Pribyl explained that the industry is looking for clear language in the IRA that allows companies to access the funds. He also noted that clear guidance on what carbon rules shipping companies will be expected to follow will also be key to providing reliability for investors.

His comments were taken from a recent podcast episode of Green Seas, hosted by TradeWinds.

"The issue that we're finding is that when this was developed, there was not a clear vision of how to include maritime assets, maritime stakeholders, into the IRA language," Mr. Pribyl said. "And what we found is it gets near the target of what the maritime industry would need to access funds, but we're finding we're just missing some key language."

READ: As Washington Celebrates Law Offering Climate Dollars, Shipping Has Yet to Apply