Germany will invest 400 million euros to develop environmentally friendly transport routes
Germany has become Canada's first European partner in a green transport corridor project. The goal of this initiative is to reduce carbon emissions in shipping and achieve net-zero greenhouse gas emissions by 2050.
A memorandum of understanding between the countries was signed in 2023. Germany plans to invest around 400 million euros in this project between 2026 and 2029. The financing will come from the Climate and Transition Fund (KTF).
This initiative involves developing routes connecting Canada's eastern ports (Halifax and Montreal) with important ports in Europe, Asia and the Middle East. It is expected to use environmentally friendly fuel and advanced transportation technology on these routes.
Germany will implement this project as part of its National Plan for Climate-Smart Transport (NAPS).
