ONE’s EU Allowances Transaction With BNP Paribas

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  • Preparation for EU Emissions Trading System (ETS) Compliance.
  • ONE establishes a trading account within the Union Registry.
  • ONE announces service upgrades for the Scan Baltic Region.

Ocean Network Express (ONE) undertakes its inaugural European Union Allowances (EUA) transaction with BNP Paribas.

Internal systems enhanced by ONE to accurately reflect CO2 emissions data, ensuring compliance with imminent EU ETS regulations, reports Port Technology.

Strategic Setup for EUA Handling

ONE establishes a trading account within the Union Registry, facilitating the secure holding and transfer of EUAs in alignment with regulatory guidelines.

Negotiation and Acquisition

A proactive approach enables ONE to negotiate and procure EUAs from BNP Paribas on February 8, 2024, marking a significant milestone in EU ETS preparedness.

Compliance and Obligations

Acquired EUAs to be allocated to relevant vessel owners, enabling them to fulfill surrender obligations to the EU by September 30, 2025, in adherence to agreements and EU ETS legislation.

Significance of Deal for Asian Carriers

BNP Paribas Singapore emphasizes the importance of the EU ETS in combating climate change, highlighting ONE’s proactive stance as a model for Asian carriers in EU ETS compliance.

Additional Service Enhancements

Concurrently, ONE announces service upgrades for the Scan Baltic Region in Northern Europe, reinforcing its commitment to operational excellence and customer satisfaction.

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Source: Port Technology