The European Union Emissions Trading System (ETS) for shipping is just the start of a series of measures that will make carbon accounting a critical part of any shipowners’ business.

If things go to plan the EU’s shipping ETS will come into force in 2024. The regulation passed a critical hurdle when on 18 April the European Parliament overwhelmingly voted for shipping to be included in the EU ETS — a part of its Fit for 55 regional decarbonisation package of measures.