The inclusion of shipping in the European Union’s Emissions Trading System (ETS) is a game changer for ocean transportation.
The World Bank foresees that the Carbon
Emissions Trading (CET) market may develop into the world's largest commodity
trading market, expected to exceed $3 trillion in the near future. The Bank
also expects CET futures, as well as the carbon finance market as a whole, to
replace oil as the world's largest market.
We show that the link between carbon emissions trading and shipping is strong, particularly between CET and dry bulk shipping. The link becomes stronger during periods of external shocks, such as Brexit, Covid-19 and China-US trade frictions.
But how can our results be intelligently used by shipowners for greater profit? How can they support the environmental sustainability decisions of shipping companies? And how can governments include shipping in emissions trading systems?
This pioneering research (published Open Access in Energy Economics) took three years to complete. Sincere thanks are due to the funding organizations that allowed us to carry out the work. These were:
1. National Natural Science Foundation of China
2. The 111 Project of China
3. The Postdoctoral Research Foundation of China
4. The Liaoning Revitalization Talents Program
5. The Liaoning Natural Science Foundation
6. The Dalian Academy of Social Sciences
7. The Dalian Federation of Social Sciences (Key Project)
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