by Aleksandar-Saša Milaković, Staff Engineer, and Kristofer Maanum, Senior Product Manager, Bearing AI

The European Union Emissions Trading System (EU ETS), which has been in effect since 2005, will extend its scope to the maritime shipping industry starting in 2024, presenting unprecedented operational and financial challenges within the European Economic Area (EEA).

By mandating every vessel of and above gross tonnage of 5,000 to purchase carbon offset credits proportional to their carbon emissions, the EU ETS is set to significantly increase costs for all voyages to, from, and within EEA ports.

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