European Parliament approves the new EU ETS law
European shipowners welcome the formal approval of the new EU ETS law today by the plenary of the European Parliament. Earmarking around 2 billion Euro of the revenues of the Innovation Fund for the maritime sector can mark a turning point in the decarbonisation of the industry, according to ECSA's release.
The Parliament and the Council have embraced the calls of the industry stakeholders to earmark EU ETS revenues back to the maritime sector to support the uptake of clean fuels and foster innovation. At least 20 million ETS allowances, which correspond to around 2 billion Euro under the current ETS carbon price, will be allocated to maritime projects under the Innovation Fund.
ECSA also welcomes the upholding of the “polluter-pays principle” through mandatory requirements for the pass-through of the EU ETS costs to the commercial operators of the vessels. The phase-in period and the gradual inclusion of emissions from shipping over a three-year period is also crucial to ensure a smooth transition for the sector. The co-legislators also agreed on special provisions for ice-class vessels, small islands and outermost regions.
This outcome follows the maritime industry’s statements on the earmarking of the EU ETS revenues of 29 September and of 22 November and of 30 November.
