CENIT'S LATEST STUDY REVEALS THE IMPACT OF THE EU ETS ON MARITIME TRANSPORT
CENIT has conducted a comprehensive analysis of the EU ETS extension. The resulting study shows how the EU ETS would impact on the European maritime system negatively. The main reason is that the measure would only be applied for journeys inside European boundaries, giving the shipping companies the possibility to evade EU ETS costs, by introducing intermediate transshipment hubs in non-EU countries.
In 2015, the Paris Agreement (COP21) set the European Union on a path toward achieving its 2050 sustainability goals under the Green Deal, aiming to guide EU members toward climate neutrality through various initiatives. While the maritime transport sector contributes just 3% to 4% of the EU’s total CO2 emissions, it plays an important role in the Green Deal. To combat greenhouse gas emissions, the EU introduced the “Fit for 55” package of policies, with the EU Emissions Trading System (EU ETS) being a pivotal, but particularly delicate, sanction for reducing emissions within the maritime sector.
The EU envisions a 43% reduction in emissions by 2030 through EU ETS. However, the path to implementation has been tumultuous. The directive includes maritime transport in the EU emissions market, but with complex phase-ins.
Shipping companies could split their routes to circumvent EU ETS costs. North African ports may emerge as transhipment hubs, offering economic advantages to shipping companies.
The study concludes that while the EU ETS is a step towards decarbonization, it needs to be extended globally to prevent tax evasion. Collaborative funding allocation and innovative solutions are essential for sustainable shipping.
Download the complete study to learn more: https://piernext.portdebarcelona.cat/en/publications/