Shipping starts shelling out for EU Allowances

The largest regional green regulations in the history of shipping came into effect yesterday with the industry included in the European Union’s emissions trading system ( EUETS), a market-based measure that sets a cap on allowed emissions. From yesterday, vessels visiting EU ports will be required to offset their applicable CO2 voyage emissions through the

Vietnam prepares for carbon tariffs in pursuit of netzero target

As carbon taxes and credits become more prevalent across markets around the world, Vietnam is seeking ways to demonstrate its responsibility in decarbonisation and help local businesses adapt to change. An official circular on measuring greenhouse gas emissions (GHG) is expected to be released this November, taking Vietnam a step closer to its target of

India likely to accept EU’s default values for its carbon emissions

During the ongoing transition phase of the EU’s Carbon Border Adjustment Mechanism (CBAM), India is likely to accept the bloc’s default values for calculating carbon emitted during production of identified polluting items, including steel & aluminium, in the country, for export to the region. Based on averages and their own estimates, the EU is working

Sprintex  supplies critical component to $15 bn Hydrogen-Powered Shipping Project

Australian technology will play a major role in a European Union (EU) project designed to halve emissions in the maritime industry by 2050. Australian company Sprintex has supplied a critical component to the US$15 billion EU Sustainable Hydrogen-Powered Shipping Project (sHYpS), involving 13 partner companies in six countries, which will convert six cruise ships to

EU launches world’s first carbon border tariff

The European Union inaugurated the first phase of the world’s first system of imposing CO2 emissions levies on imported steel, cement, and other commodities, in an effort to prevent more polluting foreign items from undercutting its green transition. The anticipated tax has alarmed trading partners, and at a recent meeting, China’s top climate envoy, Xie

Class society Bureau Veritas invests in OrbitMI

French class society Bureau Veritas (BV) has become an investor in US-based maritime software company OrbitMI. The collaboration will leverage combined strengths to address the dual opportunities of the digital transformation and the decarbonisation of shipping. Neither firm disclosed the size of the investment but reports have emerged that BV will receive a seat on

FM expresses concern over CBAM to EU

FM Sitharaman has expressed her concerns regarding the Carbon Border Adjustment Mechanism (CBAM), mentioning that she has communicated to European parliamentarians that the CBAM would essentially make India pay for greening its own steel production.  The full implementation of the CBAM is slated for January 2026. India and the European Union (EU) seem to be

Data is the key to a future of emissions trading

High profile decisions at July’s Marine Environment Protection Committee will accelerate the International Maritime Organization’s decarbonisation ambitions for shipping, but a proposal of apparently smaller consequence could lay down a data marker for global emissions trading. Less convergence is apparent on carbon pricing. Proposals before MEPC 80 aim to incentivise greener fuels, with levy and

ClassNK offers necessary preparations for new EU Fuel rules

ClassNK recently released FAQs on the FuelEU Maritime (1st Edition), an overview and necessary preparation for FuelEU Maritime, regulations newly introduced by the European Union (EU) to promote the decarbonization of fuels used on board ships. The EU has set a goal of reducing greenhouse gas (GHG) emissions by at least 55% by 2030, compared

Steel industry should assess its preparedness for CABM: Govt

The steel ministry plans to write to all major steel companies with export interests to assess their preparedness for reducing their carbon footprint and for facing the green challenges emerging in global markets. The development comes at a time when India is exploring tariff and non-tariff measures to counter EU’s Carbon Border Adjustment Mechanism (CBAM)