The Fit for 55 package will put a cost on maritime carbon emissions by including shipping in the EU Emissions Trading System (ETS) and it will increase the price of marine bunker fuels by taxing non-sustainable fuels and setting limits to the GHG intensity on ship energy use.
So, how does this impact our everyday business?
The decarbonization measures will result in a first-ever carbon cost in the maritime industry. The increased attention and cost will make emissions a part of day-to-day chartering impacting both shipping and commodity trading.
Decarbonization measures resulting in carbon cost
The inclusion of shipping into the ETS would be the most influential EU measure when it comes to carbon cost.
Buying emissions allowances for a transatlantic (extra-EU) tanker voyage in 2023 would cost approximately 11 000 USD. For a typical intra-EU voyage the carbon cost would be approximately 9 000 USD. In 2026, once the emissions are fully phased-in, the cost would be 57 000 USD for the same gobal EU voyage and 47 USD for the intra-EU voyage.
Source: Siglar Carbon