ONE enters EU emissions trading
Ocean Network Express (ONE) has completed its first European Union allowances (EUA) transaction with BNP Paribas, marking a significant step in complying with the EU emissions trading system (EU-ETS). Since 1 January 2024, shipping companies must monitor, report, and verify their greenhouse gas (GHG) emissions annually under EU-ETS regulations.
Non-compliance leads to penalties and denial of entry to EU/EEA member states. ONE has upgraded its internal systems to accurately reflect CO2 emissions data and has initiated a trading account on the union registry to manage EUA transactions. ONE secured its inaugural purchase of EUA from BNP Paribas on 8 February 2024. The acquired EUA will be transferred to vessel owners to meet their surrender obligations to the EU by 30 September 2025.
BNP Paribas Singapore highlighted the importance of this EUA deal for Asian carriers, showing proactive readiness for EU-ETS compliance. ONE says that it remains committed to preparing for ongoing EU-ETS compliance. (pb)