EMEA News
EU Eyes Bunker Tax
The European Union (EU) is considering a tax on bunker fuel as a possible source of funding for poverty eradication and sustainable development initiatives, EU governing body the European Commission (EC) said in a press release.
The EC proposed a new plan Tuesday for financing the programs after 2015, when the target date for the Millennium Development Goals (MDGs) is reached, seeking to develop a common EU approach to financing.
The plan discusses a wide range of public and private sources for funding, including "new and innovative sources like a Financial Transaction Tax, receipts from carbon trading or bunker fuel taxes."
The EU has been working on proposals to reduce shipping emissions, including possible market-based financial incentives, which environmental organisations have embraced.
Meanwhile, in December Germany announced a plan to stop taxing liquefied natural gas (LNG) bunkers, which could encourage ships to use a fuel that produces less emissions of major pollutants.
