Public and Private Financing

Decarbonisation will have to be financed both by private and public funding.  However, given the amplitude of the decarbonisation public funds need to be used to leverage private funds. To ensure a fair and just transition, public financing should primarily go towards the more vulnerable part of the sectors that will need support at the beginning of the transition. Public support should as a matter of priority support those fishers who are committed to transition to less impactful and less energy intensive fishing techniques and gears. 

The European Commission together with managing authorities at national level should develop strict criteria and guidelines to direct funds primarily towards: (i) promoting the energy transition of the sector; (ii) enabling the transition towards less impactful fisheries in terms of both emissions and impacts on ecosystems; and (iii) ensuring that funds do not contravene the objectives of the EGD, follow the “do no significant harm” (DNSH) principle, and do not support investment in fuel-intensive and carbon-intensive fishing practices.

The EU and Member States should ensure that future State aid or any direct subsidies granted at EU and national level should only be granted to facilitate the transition towards the decarbonisation of the fishing sector or the transition towards less impactful and more socially fair fishing. 

  • Member States should provide greater funding support to small-scale coastal fisheries:
    • Member States should develop plans and dedicated administrative support at the local level to facilitate access to funding for SSCF businesses, to support their energy transition towards less impactful and low-carbon fishing, financed through the technical assistance available to Member States.
  • Member States should ensure that they provide more detailed information about funding for SSCF vessels or fishers within their annual reports on the implementation of EU funds.