Under a deal struck in 2022, shipping will be phased into the EU’s carbon market from January 1, starting with 40% of emissions for 2024 being covered.
While the U.S. government has taken some steps to block such imports, neither the British government nor the European Union has followed Washington’s lead.
The temporary relaxation of a safeguard mechanism has ushered in a flood of cheap imports, forcing local manufacturers to idle some capacity, said Waaree Energies Ltd. chairman Hitesh Doshi.
The authorization allows the companies to continue using their China-based chipmaking operations without having to apply for licenses with the U.S. to receive new equipment.
The clause, which aims to create more collaboration between charterers and shipowners to cut carbon emissions, was adopted by BIMCO’s Documentary Committee October 11.
The Green Party, which is a part of the Stockholm City Council’s ruling coalition, said the initiative will lead to an increase in the adoption of electric vehicles.