Ocean Network Express (ONE) has sealed its inaugural European Union Allowances (EUA) transaction with BNP Paribas, marking a significant milestone in its commitment to environmental sustainability.
Effective January 1st, 2024, under the purview of the EU Emissions Trading System (ETS), the maritime transport sector has been incorporated, necessitating shipping companies to monitor, report, and verify their greenhouse gas (GHG) emissions annually. Failure to comply with these regulations will result in penalties and denial of entry to EU/EEA member states.
Anticipating the EU ETS compliance, ONE has diligently enhanced its internal systems to accurately track CO2 emissions data. Additionally, the company has established a trading account on the Union Registry to facilitate the acquisition and transfer of EUA as per the stipulated procedures. This proactive approach culminated in ONE’s successful acquisition of EUA from BNP Paribas on February 8th, 2024.
The procured EUA will be subsequently allocated to respective vessel owners in accordance with the agreements and EU ETS regulations. This strategic move will enable vessel owners to fulfill their surrender obligations to the EU by September 30th, 2025.
Commenting on the landmark transaction, BNP Paribas Singapore emphasized the significance of the EU ETS in combating climate change, lauding ONE’s proactive readiness for compliance. The deal underscores the commitment of Asian carriers to environmental stewardship.
ONE remains steadfast in its preparations for EU ETS compliance, aligning its strategies with the surrender process for EUA.
About Ocean Network Express (ONE)
Ocean Network Express (ONE) was established on July 7, 2017, through the integration of liner services from Kawasaki Kisen Kaisha (“K” LINE), Mitsui O.S.K. Lines (MOL), and Nippon Yusen Kaisha (NYK). With its global headquarters in Singapore and regional headquarters in key locations worldwide, including Hong Kong, Singapore, the United Kingdom, the United States, and Brazil, ONE operates a fleet of over 230 vessels, offering efficient and reliable international services to more than 120 countries. As the world’s sixth-largest container carrier, ONE plays a pivotal role in THE Alliance (THEA), a global ocean carrier consortium.
About BNP Paribas
BNP Paribas stands as the leading bank in the European Union and a prominent figure in international banking. Operating in 63 countries with nearly 183,000 employees, the group boasts key positions in commercial, personal banking, investment services, and corporate & institutional banking. With a strong presence in Europe, the Americas, and Asia-Pacific, BNP Paribas is committed to sustainable development through its Corporate Social Responsibility initiatives, contributing to a sustainable future while ensuring stability and performance.
Source ONE Ocean Network Express