Sustainable Maritime Transport; European Policy Perspective and Potential Impact

Abstract

The need to reduce carbon emissions from ships is identified in many international and European policy documents. Although ships are still the more environmentally friendly transportation option, in terms of energy consumption per unit, the relative burden to the environment increases, unless action is taken. In this regard, policy instruments provide specific limits and approaches, promoting the installation of technology and the use of alternative fuels. However, as current technologies cannot fully address the operational and environmental challenges, market-based measures (MBM), and other financial regulations, either motivate and encourage increased energy efficiency, or dictate compliance with environmental principles and goals. This chapter aims at analyzing the complex web of international and European instruments that promote the decarbonization of marine operations, as well as to shed light on controversial aspects and challenges faced by operators. Besides the policy framework of the International Maritime Organization (IMO), essential elements of the European policy framework are described; in particular, the instruments of EU-ETS and EU Taxonomy are presented, as they have a direct impact on the operations and financing of maritime ventures. This chapter concludes with an assessment of these European instruments.