Ocean Network Express (ONE) has finalized its first European Union Allowances (EUA) transaction in collaboration with BNP Paribas, marking a significant step towards compliance with the EU Emissions Trading System (ETS).
Since January 1st, 2024, the maritime transport sector has been subject to regulations under the EU ETS, necessitating shipping companies to monitor, report, and verify their greenhouse gas (GHG) emissions annually. Failure to comply with these regulations could result in penalties and exclusion from EU/EEA member states.
In anticipation of these regulatory changes, ONE has proactively upgraded its internal systems to accurately track CO2 emissions data. Moreover, the company has established a trading account on the Union Registry to facilitate the handling and transfer of EUA as per regulatory requirements. This proactive stance enabled ONE to secure its maiden purchase of EUA from BNP Paribas on February 8th, 2024.
The acquired EUA will subsequently be allocated to respective vessel owners in adherence to agreements and EU ETS regulations. This strategic move ensures that vessel owners can fulfill their surrender obligations to the EU by September 30th, 2025.
Commenting on the significance of this transaction, BNP Paribas Singapore highlighted the importance of proactive readiness for EU ETS compliance among Asian carriers. They emphasized the EU ETS as a vital instrument in the EU’s efforts to combat climate change and reduce greenhouse gas emissions.
As the maritime industry continues to navigate towards sustainability, transactions such as this exemplify the sector’s commitment to environmental responsibility and regulatory compliance.
The successful completion of this EUA transaction underscores ONE’s dedication to environmental stewardship and positions the company as a proactive participant in the global transition towards greener practices in maritime transportation.
