The European Parliament agreed to support the European Emissions Trading Scheme (ETS) with the significant inclusion of shipping. The June 22 vote also adopted positions on a carbon border tax and social climate fund, making up three key pillars of the “Fit for 55” package. The proposals will next be negotiated with member states, a process which may prove difficult as Europe faces rising energy prices, high inflation and war in Ukraine. The European Community Shipowners’ Association (ECSA) welcomed the European Parliament’s support for ETS, particularly the Ocean Fund and pass-through of ETS costs to vessel ... (full story)