IT’S been years of waiting and lobbying, but we finally have Europe’s proposals for how the EU Emissions Trading System will look beyond 2030.

The European Commission has released its long list of proposals for how to reform the cap-and-trade scheme, including how much shipping pays, and how much of the proceeds it receives back.

Shipowners, like most European businesses, have to buy and surrender credits called allowances for each tonne of carbon they emit.

The industry reckons it will pay about €90bn into the scheme between 2030 and 2040, and it wants that money reinvested in decarbonisation.

To remedy that, the European Commission wants to include earmarking 110m allowances in a mechanism called Sustainable Maritime Alternative Propulsion, or SMAP, to subsidise low- and zero-emission fuels. That’s about €10bn, give or take.

It will crack down on evasive port calls by including some 20 more neighbouring non-EU ports in the scheme. And it will also cover smaller vessels, with the minimum gross tonnage limit lowered from 5,000 to just 400.

Are the revisions fair? Has shipping got what it’s asked for?

To find out, Lloyd’s List senior editor Declan Bush is joined by:

• Sotiris Raptis, secretary-general of ECSA European Shipowners

• Simon Bergulf, vice-president for environment and climate, World Shipping Council

• Delphine Kaczorowski, EU advocacy manager, Opportunity Green

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