Emission Trading Scheme
Navigating the New European Emissions Trading System ETS Regulations
Since January 2024, shipping has been included in the European Emissions Trading System (EU ETS), a key tool being applied within the EU to reduce Greenhouse Gases (GHGs) emissions across the region.
Understanding EU ETS for Maritime Transport
Based on a “cap and trade” principle, with the limit set on the total amount of GHGs that can be emitted by ships, designed to ensure the overall EU emissions decrease over time.
Under the system, shipping companies must monitor and report their emissions on a yearly basis and surrender enough allowances to fully account for their annual emissions. If these requirements are not met, heavy fines are imposed.
Who needs to comply?
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Shipowners: Responsible for managing the compliance of their vessels.
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Charterers: May share or assume compliance responsibilities based on charter agreements with vessel owners.
Viridian Maritime is fully prepared to assist our clients in managing and meeting all compliance requirements associated with the EU ETS.
Our Expertise
Strategic Advisory
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EU ETS Strategy Development: Providing guidance and insights into EU ETS regulatory requirements and develop customized strategies to optimize compliance costs and integrate sustainability into your operations.
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Risk Assessment: Evaluating potential risks, review of EU ETS related agreements and advising on best practices for mitigating compliance challenges.
Compliance Management
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Emission Monitoring & Reporting: Accurate tracking, administration, and submission of emissions reports on behalf of our clients to ensure compliance with EU ETS regulations.
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Verification, Validation & Translation: Regular emissions verification and validation through our authorized third-party verifier, calculation and translation of emission statements into the equivalent value of EU Allowances (EUA).
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Maritime Operator Holding Accounts (MOHAs) Management: Liaising with EU authorities for registration under Union Registry, Opening and Management of MOHAs with Administrative Authority.
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Allowance Management: Assistance with managing and surrendering emission allowances to meet regulatory requirements.
Get Started
Ensure your fleet is fully compliant with the new EU ETS regulations. Contact us today to learn more about how we can assist you in navigating this complex regulatory landscape.