The Global Maritime Emission Trading System and Its Effects on the Shipping Industry - Marine Insight

Posted: by Soumyajit Dasgupta 1 August 2011 - Marine Insight

Global Maritime Emission Trading System is a system that has been applied in a manner consistent with its purpose or design that is capable of being done with means at hand and circumstances as they are, especially for the greenhouse gas emissions in the maritime transport sector. The system requires constant monitoring of the emissions of each ship from international shipping organization and an equivalent amount of emission allowances to be surrendered to the scheme administrator. This emission trading system is assumed to have huge impacts on the shipping sector and on the economies of regions and country groups. Read on to learn more about its features in greater details.
The European Union Emissions trading scheme provides a global cap and trade system for carbon credits. In order to make international shipping contribute to climate change extenuation by a cost-efficient reduction of greenhouse gases the scheme must:

Target real emissions of CO2 calculated on the basis of fuel consumption data
Allow marginal equivalent incentive
Aim at gradual expansion into global coverage
Avoid all the complexities of allocating free emissions allowances
Be non-discriminatory and be applied to all vessels irrespective of its carrier flag
Comply with Annex 1 countries and with developing nations too
Follow the context of inter-port competition
Assure legal, political and institutional acceptability
Be non- evasive and easily enforced, administered and monitored.


Complete Post at:
http://www.marineinsight.com/news/headline/the-global-maritime-emission-trading-system-and-its-effects-on-the-shipping-industry/