On the 23rd (Thursday), the European Parliament and the EU Board of directors agreed on the so-called ‘FuelEU Maritime Initiative’ to reduce greenhouse gas emissions in the maritime transport sector by 80%.
The ‘FuelEU Maritime Initiative’ is a plan to reduce greenhouse gas emissions in the maritime transport sectorwhich accounts for 3-4% of the EU's total greenhouse gas emissions. It’s a part of so-called “Fit for 55” packages to reduce greenhouse gas emissions by 55% compared to1990.
[Rate of Reduction] Under the agreement, greenhouse gas emissions in the maritime transport sector will be mandated to be reduced by 2% in 2025, 6% in 2030, 14.5% in 2035, 31% in 2040, 62% in 2045, and 80% in 2050.
[Reduction method] Unlike the air transport sector, greenhouse gas reduction in the maritime transport sector has adopted a method of gradually reducing total greenhouse gas emissions without requiring the use of specific fuels. It is also mandatory to reduce methane and nitrogen oxide emissions along with CO2 emissions.
[Fines] Fines will be imposed if greenhouse gas reduction obligations are not fulfilled, and the collected fines will be used as project subsidies to decarbonize the maritime transport sector.
[Implementation Monitoring] The executive shall monitor the implementation of the regulations and whether the competitiveness of the maritime transport sector is reduced due to the regulations.
Meanwhile, the maritime transport and biofuel industries welcomed the agreement, saying it was necessary to expand investment and increase the supply of synthetic fuels to meet the goal of decarbonizing the maritime transport sector.
On the other hand, the Green Party of the European Parliament criticized the EU's leading role in sustainable maritime transport fuel research and development by setting an extremely low ratio of mandatory use of synthetic fuels.
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