Fuel EU Maritime makes progress

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The European Union has agreed to new regulations to reduce greenhouse gas (GHG) emissions from ships by January 2025. The rules will apply to ships sailing within the EU and the European Economic Area, as well as those calling at EU and EEA ports. The regulations will continuously tighten every five years until 2050, with the goal of reducing average greenhouse gas intensity below a certain level. The regulations will cover operational issues including shore power from 2030 and the use of renewable fuels, and will apply to vessels of 5,000 gross tons or more carrying cargo or passengers.

IMO’s MEPC 80 will take place in July, and some hope countries that have been reluctant to tighten emissions regulations will be brought on board at the London meeting. Organizations affected by the new regulations should implement monitoring, reporting and verification systems as soon as possible. If the MEPC fails to bolster its current greenhouse gas reduction targets, experts believe nations will take matters into their own hands, potentially creating an operational nightmare for owners whose vessels are traded worldwide. Ships that do not comply with the new regulations will be penalized, and values will steadily increase over the 25-year period. The funds raised from the penalties will be used for the development and distribution of low-carbon and renewable fuels.

Tags: Europe,Bunkers,Alternative fuels


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