The EU ETS is limited by a 'cap' on the number of emission allowances. Within the cap, companies receive or buy emission allowances, which they can trade as needed. The cap decreases every year, ensuring that total emissions fall.
Each allowance gives the holder the right to emit:
There are a number of great resources on the regulatory and practical aspects of the system – none better than the EU’s own:
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A02003L0087-20230605
https://climate.ec.europa.eu/eu-action/transport/reducing-emissions-shipping-sector_en
https://climate.ec.europa.eu/eu-action/eu-emissions-trading-system-eu-ets/what-eu-ets_en
Dear Sirs,
Below please kindly find a circular by West of England P&I Club. All Group Clubs have issued similar circular.
Also we have provided this circular in Turkish underneath this message.
The UN Security Council recently agreed to adopt enhanced measures against North Korea in light of its continuing weapons development programmes. These measures represent a comprehensive set of sanctions which have been given effect by both the EU and the US, with the US going further by implementing what would appear to amount to a trade embargo between itself and North Korea.
Holman Fenwick Willan have produced two helpful briefing notes on these sanctions, one in April 2016 describing the broad provisions and a second in May 2016 concentrating on the scope of the EU sanctions. We are grateful to HFW for their permission to reproduce those briefings.
The relevant UN Resolution and EU and US legal instruments can be found here:
UN Security Council Resolution 2270 (2016)
EU Council Regulation 2016/682
Some aspects of these sanctions which might be of particular interest to the maritime community include:
Members considering any business involving voyages to North Korean or North Korean persons are strongly recommend to read these materials and to contact the Managers for further advice before fixing.
- See more at: http://www.westpandi.com/Publications/News/sanctions--north-korea/#sthash.cKgaFAxC.dpuf
Sayin Yetkili,
Birlesmis Milletler guvenlik konseyi Kuzey Kore’nin artan silahlanma programindan dolayi yaptirimlarin kapsamini genisletme karari vermiş ve Avrupa Birligi ile ABD’de bu dogrultuda kendi yaptirimlarini yayinlamislardir. Bu yaptirimlardan asagida ozetlenenler yasaklamara ozellikle deniz ticareti ile alakali olup sefer baglantisi yapilmadan dikkat edilmesi ve P&I klubunuze danisilmasi onemle tavsiye edilmektedir;
İlave bilgiler klubun ekteki bulteninde ve asagidaki klubun instrnet baglantisindan ulasilabilinir.
http://www.westpandi.com/Publications/News/sanctions--north-korea/#sthash.oVRA4UfA.dpuf