European Shipowners reiterate key asks for EU ETS negotiations in Council and Parliament

European shipping is a geopolitical asset for Europe, facilitating the export and import of goods, food and energy. While the EU represents around 15% of global GDP, the European fleet represents 34.5% of the world’s fleet in terms of global tonnage across all segments.

As the European Parliament and the Council advance their work on the Commission proposal for the EU ETS revision, European Shipowners | ECSA highlight the key amendments needed for the revision to deliver on shipping’s energy transition while safeguarding the competitiveness of European shipping.

A recent study found that shipping accounts for around 10% of EU ETS emissions but contributes almost 20% of ETS revenues. The new mechanism is an opportunity to reinvest part of this contribution in shipping’s energy transition. However, the 110 million allowances proposed by the Commission cover only a third of what is needed.

• Reinvest ETS revenues in shipping’s decarbonisation. Shipping generates EUR 9 billion a year in national and EU ETS revenues. A recent study found that SMAP should be tripled from 110 million to 330 million allowances to help build a market for sustainable fuels and technologies.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →