ETS, also known as Emissions Trading System, is something that many of you have probably heard of before. It is a tax system for carbon dioxide emission within the EU, which is now being expanded and implemented in the shipping industry starting from January 1, 2024. This means that shipping companies will be required to enter the system in order to operate in European waters.
The background and purpose of this system is to reward the actors who have already invested in new and sustainable technology, but also to motivate further investments to avoid the possible penalty fees.
The expanded system requires shipping companies to report their carbon dioxide emissions for transportation in the EU, which will result in them being liable to pay for the emissions they have caused. The regulations will be expanded starting from January 2024 and will gradually develop over the coming years.
For the first time, we have seen an estimate of the announced ETS fee. In the reputable newspaper Journal of Commerce, the independent consulting firm DNV claims that 1 EUA (EU Allowance, which corresponds to 1 ton of CO2 emissions) will cost €100 (approximately $110), which shipping companies will have to pay to operate in European waters. We do not know for sure how this will be invoiced to you as cargo owners yet, but we wanted to inform you about the situation at this stage.
We will continue to follow the development regarding this announced ETS fee and will provide you with information as soon as we know more.
C Land Logistics.
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