ONE Secures First EUA Purchase for EU Emissions Trading Compliance

Ocean Network Express Completes European Union Allowances (EUA) Transaction
From January 1, 2024, the maritime transport industry falls under the EU ETS regulations. ONE has enhanced its systems to monitor CO2 emissions, obtained EUAs from BNP Paribas, and plans to help shipowners meet their surrender obligations by September 30, 2025. BNP Paribas Singapore commends ONE for its proactive approach to compliance.
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The EU Emissions Trading System (EU-ETS) rules now require the maritime transport industry to monitor, report, and verify greenhouse gas emissions annually starting from January 1, 2024. Failure to comply may lead to penalties and refusal of entry into EU/EEA member states. In response to this, ONE has improved its systems to accurately reflect CO2 emissions data and established a trading account in the Union Registry to hold and transfer EU Allowances (EUAs).

As part of its proactive approach, ONE secured its first EUA purchase from BNP Paribas on February 8, 2024. This deal is seen as a significant step towards compliance with the EU ETS and showcases a willingness to adhere to EU climate change regulations. The acquired EUAs will be transferred to shipowners to help them meet their surrender obligations to the EU by September 30, 2025.

The EU ETS is a crucial component of the EU’s climate change policy for reducing greenhouse gas emissions. BNP Paribas Singapore remarked that the EUA deal with ONE is essential for Asian airlines and highlights a proactive attitude towards meeting EU ETS requirements. ONE continues to prepare for compliance with the EU ETS and is actively involved in coordinating the EUA submission compliance process.

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