In pursuit of its commitment to reduce greenhouse gasemissions, the European Commission (EC) unveiled the 'EU Fit for 55' package inJuly 2021. This legislative initiative aims to achieve a 55% reduction ingreenhouse gas emissions by 2030, compared to 1990 levels. Notably, within the'Fit for 55' package, the European Union Emission Trading System (EU ETS) hasbeen introduced, particularly impacting the international maritime sector.
From January 1, 2024, ships with a gross tonnage of 5,000 ormore, irrespective of their flag state, calling at ports within thejurisdiction of a Member State of the European Economic Area (EEA) areobligated to purchase EU Allowances (EUA) corresponding to the greenhouse gasemissions generated during their EU MRV voyages on an annual basis. These EUAmust be submitted to the administering authority for each shipping company.Non-compliance may result in fines and measures such as a prohibition onentering ports within the EEA territory.
Therefore, the Korean Register has issued a technicalinformation to provide details related to the application of EU ETS in themaritime sector, the process of purchasing emission allowances, and openingaccounts for the submission of emission allowances. We encourage stakeholdersto refer to this information for guidance on relevant procedures.
1. Commission Implementing Decision (EU) 2024/411