The European Green Deal: A Sustainable Future for Europe

Other insights Nov. 11, 2024
The European Green Deal: A Sustainable Future for Europe

The European Green Deal (EGD) is a package of policy initiatives aimed at making the EU climate neutral by 2050. Its policies impact the shipping sector and the progress being made to reduce its environmental footprint.

The EGD is a package of policy initiatives introduced in 2019 which aim to make the EU climate neutral by 2050, with an interim target of a 55% reduction in 2030 (compared to 1990 levels). The EGD is driven by the binding commitments made by countries under the EU Climate Law.

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Unsurprisingly, the EGD is also impacting the shipping sector, which accounts for 3-4% of EU’s total CO2 emissions (European Commision) and 3% of the global GHG emissions (UNCTAD).

The EU’s ‘Fit for 55’ initiative is the key policy package for decarbonising the European economy under the EDG, and includes measures directly aimed at improving the environmental performance of shipping. Notables examples of such measures are EU ETS, AFIR, RED and the FuelEU Maritime regulation, which you can read more about here.

Read more about The European Green Deal and Fit for 55 here.