On Monday 19th May, the UK and the EU met to discuss progress on linking their Emission Trading Systems (ETS). The European Commission and the UK share a strong commitment to establishing a functioning link between their carbon markets.

The inclusion of shipping under the EU ETS from January 1, 2024 obliges operators to adhere to carbon monitoring, reporting, and surrender allowances for CO₂ emissions. This represents a paradigm shift for maritime emissions, traditionally exempt from carbon markets. Compliance obligations will rise progressively: 40% in 2024, 70% in 2025, aiming for 100% by 2026.

The EU ETS turns 20. As the world’s first and largest carbon market, it continues to shape climate policy and drive emissions reductions across Europe. At Grey Epoch, we’re proud to have been part of this journey from the early days of emissions trading.