In the midst of major regulatory changes posed by the European Union in its effort to decarbonize the maritime industry, Lloyd’s Register (LR) has issued guidance for operators to navigate these changes with more ease.
The “Managing compliance and optimising operations under the EU’s new regime” report provides an overview of the new EU emissions Trading System and FuelEU Maritime regulations, explaining the regulations and outlining key compliance requirements.
According to the report, FuelEU and the inclusion of shipping in the EU ETS reform are just two elements of Europe’s ‘Fit for 55’ package, which aims to drive a 55% reduction in EU emissions by 2030. Other elements include:
- The Alternative Fuels Infrastructure Regulation (AFIR), setting targets for the deployment of supply networks to support the uptake of renewable fuels in the road, air and waterborne transport sectors.
- A revised Renewable Energy Directive (RED III), facilitating and setting both overall and industryspecific targets for the proportion of Europe’s energy demand to come from renewable sources.
- The Carbon Border Adjustment Mechanism (CBAM), which aims to prevent internal EU measures from increasing emissions outside EU borders by certifying
emissions related to a range of imported goods and materials.
The report also offers insights and recommendations for minimising exposure to carbon prices and penalties, highlighting the importance of effective fleet management and utilisation, strategic routing, charter agreements and efficient emission trading strategies.
