In this year’s UN climate summit, global leaders will agree to a new global finance climate goal. Shipping - a highly polluting sector - has traditionally avoided environmental and corporate taxation. It’s therefore high time that shipping contributes to global climate finance. The EU’s maritime carbon market can generate revenues for climate finance. Extending the Emissions Trading System (ETS) to cover 100% of voyages between EEA and non-EEA ports (as opposed to the 50% that is currently priced) would raise €4bn. What’s more, the EU’s shipping ETS has little impact on low-income countries. On average only 7% of the seaborne trade of low-income countries would be impacted by the EU ETS. The EU’s maritime ETS has become a model for global carbon pricing, with other countries, such as the UK and Turkey, exploring ways to price their shipping sector emissions. It’s time to continue that leadership to achieve the dual objective of higher climate ambition and global equity. Check out our latest study at the link in our comments.
Read the study ➡️ https://www.transportenvironment.org/articles/making-waves-the-international-impacts-and-opportunities-of-the-eus-carbon-market-for-shipping