Europe Sets Course for Stringent Emissions Legislation Impacting Shipping Industry

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Written By Jennifer Joslyn

🚢 Europe Sets Course for Stringent Emissions Legislation Impacting Shipping Industry.

Ships transporting goods in and out of the European Union will soon face significant emissions-related costs as they join the bloc's Emissions Trading System (ETS) starting in January 2024. This means that large vessels will be required to pay for their carbon emissions, with some major freight companies, such as MSC Mediterranean Shipping Company and A.P. Moller-Maersk, potentially facing costs reaching hundreds of millions of dollars. While this marks the world's first large-scale carbon charge for international shipping and aligns with the EU's environmental goals to combat climate change, the fees are not expected to immediately drive a shift towards cleaner marine fuels.

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Jennifer Joslyn
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