EMEA News
Eurotax for Bunker Fuel: French Minister
The prospect of a European tax on bunker fuel has been floated by the French finance minister, Bruno Le Maire.
Le Maire said the tax would complement plans supported by France and Germany for a carbon border tax that would shield European companies from competition from countries with lower emissions standards.
"It's incomprehensible that carbon emissions targets were set for cars and not for airplanes and ships. We propose that work is done on a European tax on airplane and ship fuel," Le Maire was quoted as saying by Reuters.
France is also behind a push to set up an emissions control area in the Mediterranean region to match ECAs already in place in the North and Baltic seas.
WIth the imminent introduction of a global 0.5% sulfur cap on bunker fuel, the refined products market is expected to enter into an era of high volatility.
