(www.MaritimeCyprus.com) The Paris Agreement adopted in 2015 sets a common goal for global GHG emissions reduction, which is to keep the increase in global average temperature to at least well below 2°C above pre-industrial levels while aiming to limit it to 1.5°C.
International shipping is no exception; the Initial IMO Strategy on Reduction of GHG Emissions from Ships adopted by the International Maritime Organization (IMO) in 2018 sets levels of ambition to reduce the total annual GHG emissions by at least 50% by 2050
compared to 2008, and negotiations are ongoing toward the adoption of the revised strategy with the reinforced targets at the 80th session of the IMO Marine Environment Protection Committee (MEPC 80) to be held in July 2023.
Meanwhile, the European Union (EU) has set a goal of reducing GHG emissions by at least
55% by 2030 compared to the 1990 levels, with the aim of achieving net zero emissions by
2050. In July 2021, a comprehensive climate policy package, “Fit for 55," was announced to achieve the 2030 target, including a proposal to extend the EU Emissions Trading System (EU-ETS) to the shipping sector. As of the end of February 2023, the proposal is under final consideration by the European Parliament and the Council of the European Union with a view to implementing it from January 2024.
The below “FAQs on the EU-ETS for Shipping (1st Edition)” provides an overview of the EU-ETS for the shipping sector and the necessary preparations in a Q&A format to assist maritime stakeholders in their first efforts for compliance with the EU-ETS.
Readers of this document may wish to note that many points are yet to be clarified about the practical implementation of the EU-ETS for the shipping sector, and thus the information provided herein is solely based on the information currently under consideration within the EU. The latest information will be provided to the stakeholders without delay once further details become available.
Download below the Frequently Asked Questions on the EU-ETS: