The package aligns the EU’s policy with its commitment to reduce its net greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality by 2050.
The vote in the Council is the final step in the decision-making process. The laws will now be signed by the Council and the European Parliament and published in the EU’s Official Journal before they come into force.
According to this, emissions from shipping will be included in the scope of the EU ETS for the first time. Tax obligations for shipping companies will be introduced gradually: 40% for verified emissions from 2024, 70% from 2025 and 100% from 2026.
Most large vessels will be included in the scope of the EU ETS from the start, while others, namely offshore vessels, will be included first and later in the MRV regulation on monitoring, reporting and verifying CO2 emissions from maritime transport in the EU ETS.
Non-CO2 emissions (methane and N2O) will be included in the MRV regulation from 2024 and in the EU ETS from 2026.
The EU ETS is a carbon market based on a system of capping and trading in emission allowances for energy-intensive industries and the power generation sector. It is the EU’s main tool for reducing emissions. Since its introduction in 2005, emissions in the EU have fallen by 41%.
The Fit for 55 package aimed to reform the EU ETS by making it more ambitious. It was presented by the European Commission on July 14, 2021 as part of the European Green Deal. Parliament formally adopted the laws on April 18, 2023.
Source: News Network
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