Global shipping entered a new controversial era on January 1 with the industry's entry into the European Union Emissions Trading System (EU-ETS), a market-based measure that places a cap on allowable carbon dioxide emissions.
International shipping organizations have expressed their opposition to the inclusion of the sector in this "regional" measure of the EU, considering that it does not solve environmental problems. The EU ETS will only address 7% of emissions from an industry that contributes 2% of global greenhouse gas emissions.
It does not address the issue and is nothing more than a tax, Emanuele Grimaldi president of the International Chamber of Shipping (ICS) said recently and advocated a global approach that can solve shipping's problem of greenhouse gas and CO2 emissions.
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Speaking recently at COP28, the president of the Union of Greek Shipowners, Melina Traulou, emphasized, among other things, regarding the reduction of pollution from shipping: "We all have a common vision. But it often gets lost in translation. This leads to confusion, uncertainty and sometimes regional decisions, such as the upcoming EU ETS in shipping. We cannot have regional solutions for a global industry and assets that move globally. This undermines the IMO's efforts to introduce global solutions that ensure a level playing field globally."
Pollutant rights
From 01-01-2024, however, ships visiting EU ports will have to offset the applicable CO2 emissions during their voyage by purchasing an equivalent number of EU allowances (EUA).
Each year, shipping companies must report verified emissions and aggregated emissions data covering the previous year's emissions to the relevant administrative authority by 31 March of the following year. EUAs must be submitted by September 30 of the same year to cover emissions.
For example, ship operators will have to submit their 2024 emissions data by 31 March 2025 and submit EUAs by 30 September 2025.
source: ot.gr
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