Regulatory authorities in China are seeking increased data on CO2 emissions from overseas shipowners, which follows the EU’s expansion of its emissions trading system (ETS) to include shipping.
According to Bloomberg, Chinese officials familiar with the new requirements have stated that some tankers and container ships on voyages servicing domestic ports will be affected by the expanded emissions regulations. The request for carbon emissions data follows the EU’s own ETS expansion and will enhance the development of China’s expanded ETS to include shipping.
In March, Chinese authorities established the country’s first carbon emissions management agency for the maritime sector. Based in Shanghai, this agency collects and analyses emissions data from China-flagged ships.
Andrew Wilson, Head of Research at BRS Shipbrokers, commented: “Whether China is doing it purely to put pressure on the IMO because we need a global carbon-emissions regime, or they could be going forward with this to catch up to the EU, there is a strong business case for them to do it.”
China has gradually expanded its carbon-trading system to include an ever greater number of core industries that must pay per tonne of CO2 that they emit into the atmosphere. Accurate emissions data from the maritime sector is therefore key to Beijing’s plan to meet it’s net-zero emissions targets by 2060.
Source: Bloomberg