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• European Commission Releases Green Transition Proposal

  After two years of preparation, the European Commission last week finally released its proposal for guiding shipping in the green transition with the goals of 2050 in mind. This, say environmental analysts, is the first extensive legislative blueprint for the role of shipping in the green transition and helping to transform the world economy into a sustainable one that relies on sustainable fuels rather than fossil fuels. As part of the European climate accord, the proposal is aimed at fighting global climate change by curbing greenhouse gas (GHG) emissions with the guidelines provided by the European Commission. Among the defined targets, the EU intends to reach a 55% reduction in GHG emissions by 2030 and a climate-neutral European economy by 2050. Because of the 55% reduction aim, the climate package has been called “Fit for 55”. Broadly speaking, the proposal is built on two columns requiring that (1) shipping be incorporated into the EU’s carbon quota trading system called the Emissions Trading System (ETS) which includes a carbon cap on emissions and assigns a price to emitting environmentally dangerous gases and (2) shipping be required to transition from fossil fuels to sustainable fuels over the coming years.

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