The acronym EU ETS (European Union Emissions Trading System) refers to the greenhouse gas emissions trading system created by the European Union to combat climate change. It is a pioneering system because it is the world’s first emissions trading scheme applicable to the 27 Member States of the European Union, together with Liechtenstein, Norway and Iceland.
From 1 January 2024, shipping companies will have to rigorously monitor their emissions to ensure the required environmental compliance. The proportion of CO2 emissions to be covered by allowances increases gradually each year:
- 2025: 40% of emissions reported by 2024 to be covered by allowances.
- 2026: 70% by 2025.
- 2027 onwards: 100% of reported emissions.
How are emissions monitored, reported and verified?
Shipping companies covered by the EU ETS must have an approved monitoring plan to monitor and report annual emissions. Each year, companies must submit an emissions report for each of the ships under their responsibility, as well as a company-level emissions report (which aggregates the ship data to be reported for ETS purposes).
Data for a given year must be verified by an accredited verifier by 31 March of the following year (or by 28 February if requested by the administering authority). Once verified, companies must surrender (use) the equivalent number of allowances by 30 September of that year.
Stock Logistic, as a global logistics operator, is aware of the relevance and impact of these new regulations on the maritime sector and the environment. The ability to adjust to the new regulations with flexibility and commitment is a fundamental element in the company’s strategy.
The impact of the ETS on the maritime sector
According to some studies, the implementation of the EU ETS could lead shipping companies to make a first stop in North Africa, the Adriatic Sea, the United Kingdom or the Eastern Mediterranean in order to avoid the costs of the levy. A situation that worries the representatives of some Spanish ports because it could lead to a flight of calls to other enclosures outside the European area, or to a decrease in transhipments.