carbon

Maritime transport is a large, and growing, source of greenhouse gas emissions. As a result, from 1 January 2024, the European Union (‘EU’) extended its Emissions Trading System (‘ETS’) to also cover carbon dioxide emissions from large ships of 5000 gross tonnage entering EU ports, regardless of the flag that they fly. The EU’s ETS - How Does it Work? Set up in 2005, the ETS operates via a cap and trade principle. The EU has placed a cap on the amount of greenhouse gases that can be emitted by operators falling within the ETS and this limit is reduced…