During the panel discussion at the Capital Link Greek Shipping Forum this morning, the speakers talked about the challenges and opportunities presented by the EU ETS – the carbon emissions price tag for shipping.
Arlie Sterling discussed how you can turn to the EUA mechanism to become a winner, to distinguish your fleet and become more competitive. Retrofitting was mentioned earlier by Dr Kokarikis of BV as a crucial next step for much of the global fleet. Enhancing vessel performance will help manage your EU ETS responsibilities and allow you to take advantage of the broader opportunities the carbon markets present for shipowners. The incentives offered in the Voluntary Carbon Markets (VCM) will support expanded retrofit investments. The VCM offers a vital complement to the regulated markets, the ETS in this case, and we can see how, in the wake of Cop28, renewed demand for quality and standards is emerging.
Arlie noted that the EU ETS zone only represents between 8% and 28% of the global market and shipowners must of course work to be compliant. But the solution will lie in the global markets, and the global carbon markets offer opportunities to use alternative sources of finance to green your ships.
Talk to us in Marsoft if you’d like to learn more about the incentives offered by the VCM for shipowners who enhance their fleets by retrofitting.