Ocean Network Express (ONE) has launched its first European Union Allowances (EUA) transaction with BNP Paribas.
In preparation for immediate EU Emissions Trading System (ETS) compliance, ONE improved its internal systems to represent CO2 emissions data.
The Japanese shipping line has also set up a trading account with the Union Registry to hold and transfer EUA in accordance with the rules.
Through this preemptive strategy, ONE was reportedly able to negotiate its first purchase of EUA from BNP Paribas on 8 February 2024.
READ: The legal pitfalls of the EU ETS
The acquired EUA will be handed to the relevant vessel owners following the agreements and EU ETS laws, allowing the vessel owners to complete their surrender obligations to the EU by 30 September 2025.
BNP Paribas Singapore, stated: “The EU ETS is a cornerstone of EU’s policy to combat climate change and its key tool for reducing GHG emissions. This EUA deal with ONE is important for Asian carriers, demonstrating proactive readiness for EU ETS compliance.”
Recently, ONE announced service upgrades for the Scan Baltic Region in Northern Europe.
