OceanScore’s take on the European Emissions Trading Scheme (ETS): It’s time to prepare – pick your strategy and partners wisely
The European Union (EU) has decided to include shipping into its Emissions Trading System (ETS). To comply with the ETS, shipping companies need to surrender EU carbon allowances (EUAs) for every ton of CO2 emitted from 2024, with 40% of MRV-verified emissions required to be surrendered in 2024, 70% in 2025, and 100% from 2026 onwards. Eventually, the cost of EUAs will be born by the consumers. But it’s a long way until then…