EU ETS
The EU is expanding the EU ETS for Maritime Shipping, meaning shipping companies will need to comply with new requirements. From 2023, shipping companies need to prepare for compliance with the ETS, which involves monitoring, reporting, and verifying CO₂ emissions from ships. From 2025, they must begin purchasing and surrendering emissions allowances.
– IMO Initial Strategy on Reduction of GHG Emissions from Ships: Adopted in 2018, this strategy aims for a reduction in CO₂ emissions per transport work, as an average across international shipping, by at least 40% by 2030, and by 70% by 2050, compared to 2008 levels.
– EU Monitoring, Reporting, and Verification (MRV) Regulation: Since 2018, shipping companies have been required to monitor and report CO₂ emissions for all voyages to, from, and between EU ports. This regulation is a precursor to the full inclusion of maritime transport in the ETS.
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