The EU Emissions Trading System (EU ETS), the world’s largest carbon market, was originally introduced in 2005 by the EU to combat climate change by reducing greenhouse gas emissions through an emissions cap-and-trade system.
The system was recently expanded, and on 5 June 2023, new legislation entered into force which extended the scope of the EU ETS to maritime transport, a sector previously excluded.
As the new rules, set to apply from 1 January 2024, will have a significant impact on the shipping sector in Europe, we review the main changes introduced by the EU through a series of six articles.
In the second issue, we examine:
Who is responsible for compliance under the EU ETS
The Monitoring, Reporting and Verification obligations under the EU ETS
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