Find below the information from Grimaldi Group regarding the new CO2 emissions taxation system, the European Union Emissions Trading Scheme (EU ETS):
“As part of its climate change policy, the European Union has mandated the extension of the Emission Trading System (ETS) to maritime transport emissions as of the 1st of January 2024.
The ETS is part of the European Union’s “Fit for 55” package to address climate change through a 55% reduction in greenhouse gas (GHG) emissions by 2030 (compared to 1990 levels), with the long-term goal of zero emissions by 2050.
Under the new regulation, and to reduce their carbon footprint, shipping companies shall be required to buy emission allowances that offset 100% of their emissions that occur on voyages within the EU and 50% of their emissions on voyages where the port of departure or arrival is outside the EU.
Within this framework, there shall be a three-year adjustment period during which companies shall be able to buy emission allowances as follows:
For 40% of emissions in 2024
For 70% of emissions in 2025
For 100% of emissions in 2026”
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