DNV report

ETS, a €10-billion burden for carriers

by Port News Editorial Staff

The extension of the Emission Trading Scheme to maritime transport could end up costing global shipping 10 billion euros a year from 2026.

In its latest report, DNV Maritime has provided an idea of the overall cost that shipowners will have to bear due to the gradual introduction of the directive that from 2024 will oblige shipowners and charterers with vessels over 400 GT to purchase and transfer CO2 permits for every tonne of greenhouse gas they emit.

The quotas ocean carriers pay back will be gradually increased from 40% of their emissions in 2024 to 70% in 2025 and 100% from 2026 onwards.

According to Vespucci Maritime CEO Lars Jensen it is very likely that consumers will end up being charged for this cost.

He calculates that, with 450 million people living in the EU, it means the equivalent of EUR 22 per person per year. He points out that part of this amount is actually for exports and therefore paid by consumers outside the EU, hence the cost will also be spread over more than 450 million people, meaning  a total of less than 20 euros per person, i.e. about 5 cents a day.

Translation by Giles Foster

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