“Using average numbers will not allow them to reduce their emissions,” said VesselBot’s Constantine Komodromos.
Regulation has been the word on the lips of industry heavyweights in recent years, but the reality of regulation is a longer lead.
This legislation applies to large U.S. companies “doing business in California” with annual revenues exceeding $1 billion, as calculated on a global basis. The legislation does not clarify what doing business in California means, and further clarifications are expected on this. Based on other existing regulations, we expect that it will take the form of any entity that “engages in any transaction for the purpose of financial gain within California.
Using average numbers will not allow them to reduce their emissions. Therefore, what they need to do from the beginning is to identify which areas of Scope 3 emissions are their most significant and identify the ways they can start collecting data and reducing their emissions. Technology can provide a lot of answers in this direction.
European Union Emissions Trading System is an EU regulation that requires companies to hold a permit for each tonne of CO2 they emit. Recently, ocean transportation both to the EU and from the EU to any other location around the globe has been added to EU ETS. As a result, this shall impact the cost of companies globally as the cost of settling the ocean transportation emissions will be shifted to the shipper of goods.
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