Incentive to reduce CO2 emissions and energy efficiency measures are the objectives of the new EU agreement about the reporting of CO2 emissions from large ships.

The first step towards a global monitoring system of CO2 emissions has been taken.

Following 18 months of discussions, the EU has agreed on the adoption of a new Monitoring, Reporting and Verification system (the MRV system), which is to publish and register CO2 emissions from maritime transport.

To be more specific, the new MRV system will apply to ships over 5,000 gross tons which must report their fuel consumption, CO2 emissions, distance sailed and cargo carried.

The new initiative may be an incentive for shipping to reduce its CO2 emissions as the shipowners will now be shown in black and white that they may benefit from energy efficiency measures; especially as the volume of cargo carried increases.

The final wording of the rules is expected to be ready in the spring of 2015.

The MRV data for EU shipowners must be collected and published on an annual basis as from 2018.