World News
European Commission Recommends 90% Reduction in Shipping GHG Emissions by 2040
The European Commission is aiming to commit the EU to reducing GHG emissions by at least 90% by 2040.
The target, which includes shipping, was set in the European Commission's recommendations for the EU's climate law on Tuesday.
"Based on the Impact Assessment and the advice of the European Scientific Advisory Board on Climate Change (ESABCC), the Commission recommends a 90% reduction in net GHG emissions by 2040," the European Commission said in a statement on its website.
"The legal proposal to table the 2040 climate target will be the responsibility of the next Commission, following the European elections and the debates and dialogue which will take place in the coming months.
"Defining these targets in good time will enable the EU to put in place the necessary policies and investments to ensure that the transition to climate neutrality goes hand in hand with a strong and stable economy, competitive industry and future-proof jobs in Europe, with sustainable and affordable energy, food and materials."
The target, if approved by the other EU institutions, is likely to play into the function of the EU's emissions trading system and FuelEU Maritime regulation as those laws are adapted over the coming years.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 553.50 | 0.00 | 673.00 | 0.00 |
| Rotterdam | 514.50 | 0.00 | 651.00 | 0.00 |
| Houston | 545.00 | 0.00 | 671.00 | 0.00 |
| Fujairah | 543.00 | 0.00 | 747.00 | 0.00 |
| Global 20 Ports Average | 574.00 | 0.00 | 748.00 | 0.00 |
| Global 4 Ports Average | 539.00 | 0.00 | 685.50 | 0.00 |
| Global Average Bunker Price | 627.00 | 0.50 | 799.50 | 1.00 |
Popular Now More
-
Dec 24The 9,500 DWT heavy lift vessel Ursa Major sustained an engine room explosion in the Strait of Gibraltar at about 12:30 PM local time on Monday. -
Dec 23Since its launch in late June, the company's first 100 deliveries have primarily focused on LSMGO supply by barge to container ships and tankers in New York Harbor, CEO John Barbarise tells Ship & Bunker. -
Dec 23The company carried out worldwide marine fuel trading from offices in Singapore.