Regulatory Nightmare
Back in July, the European Union (EU) finally unveiled its much-anticipated plans to meet its climate ambitions, which for the first-time folded shipping into the Emissions Trading Scheme (ETS). The strategy also proposes to expand the Energy Taxation Directive (ETD) to bunker fuels and launch a new scheme to encourage the uptake of low carbon fuels, called FuelEU Maritime. Collectively these three initiatives will substantially increase the regulatory burden on shipping companies trading to, from and within the EU, with the ETS and ETD coming into force at the same time as the IMO's carbon intensity indicator (CII) and energy existing ship design index (EEXI) in 2023. Evidently shipping companies will feel the regulatory heat like never before. So, what do these EU initiatives mean for shipping companies?
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