The EU is to extend the scope of its emissions trading system to cover shipping from 2023. The ETS was originally designed to abate GHG emissions from heavy industry and power generation.

The European Commission formally announced its long-awaited Fit for 55 package of environmental measures on 14 July. The package contains a number of aspects that will impact shipping, including the introduction of carbon tariffs or a Carbon Border Adjustment Mechanism (CBAM) for imports into the 27 member bloc.

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