View of the container ships in Newark container terminal, where the gantry cranes are loading and discharging cargo from the vessels, Newark, New Jersey. Maritime Law Column: Implications of the EU's Emissions Trading System, Fuel EU Maritime Regulation
On Jan. 1, 2024, a large segment of commercial merchant vessels will be subject to an emissions-cap-and-trade system.
November 27, 2023 at 01:29 PM
5 minute read
Cargo and Shipping
On Jan. 1, 2024, for the first time a large segment of commercial merchant vessels (cargo and certain passenger ships above 5,000 gross tons) will be subject to an emissions-cap-and-trade system. Implemented by the European Union, the Emissions Trading System (ETS), which has been in effect for many years, will now require each vessel trading exclusively within the Euro Zone to pay a tax to cover the CO2 emitted by the vessel. For vessels trading to and from the zone, each will be required to pay a tax covering 50% of such emissions. The tax will be phased in over time (40% of CO2 emissions in 2024; 70% in 2025; and 100% in 2026). In 2026, the ETS will extend to Methane and Nitrous Oxide emissions. As well, the EU has adopted a new Fuel EU Maritime regulation, which will gradually introduce lower GHG-emitting bunker fuel to power vessels with the goal of reducing GHG emissions in bunker fuels by 80% by 2050. The EU's near-term goal is to reduce GHG emissions by 55% by 2030 from 1990 levels.
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