Singapore-registered vessels will be required to contribute a significant €330 million (US$355 million)m share of Asian shipping’s total emissions liabilities under the EU ETS, underlining the importance of the Lion City as a key maritime hub for both global trade and decarbonization, according to OceanScore.
The Hamburg-based maritime technology firm’s modelling analysis shows that 5.5 million EU Allowances (EUAs), or carbon credits, will have to be surrendered for some 1120 liable vessels registered in Singapore once the EU Emissions Trading System (EU ETS) is fully implemented in 2026.
