METIS Cyberspace Technology has added new functionality to its cloud-based Total Emissions Management solution that allows ship owners and operators to make the best use of the EU Emissions Trading Scheme (ETS).
As well as supporting IMO’s Data Collection System metrics for a ship’s Average Efficiency Ratio and Carbon Intensity Indicator, and EU monitoring reporting and verification, the new capability means that METIS can help owners manage the complexities of carbon allowances.
EU-ETS application
Expanding to include maritime transport from 2024, the EU-ETS will apply 100% for EU-EU voyages and 50% for EU-Non EU voyages. It aims to cut greenhouse gasses using a combination of emissions trading and emissions allowances for ships.
Cargo and passenger ships of 5000 GT and above must account for emissions from January 1, 2024, to ‘surrender’ (or use) their first trading allowances by 30 September 2025. The ETS will also cover offshore ships from 2027.
Monitor emissions
The progressively more stringent scheme requires ships to surrender emissions allowances, starting at 40%
To comply, shipping companies need to monitor emissions under a revised plan that has been assessed by a verified organisation and approved by the administering authority.
Once per year, companies submit an emissions report for each ship and aggregate data into the ETS. The progressively more stringent scheme requires ships to surrender emissions allowances, starting at 40% of emissions in 2024, rising to 70% in 2026, and reaching 100% thereafter.
Monetary value of equivalent allowances
Capturing CO2 emissions data and reporting with the accuracy per voyage and cumulatively on which the ETS relies, METIS also allows users to establish the monetary value of equivalent allowances based on current EU carbon market rates.
In addition to determining the number of allowances required, METIS will help to assign costs to the charterer or the manager based on the ‘polluter pays’ principle.
Comprehensive digital tool
The solution allows owners to bring emissions management into the day-to-day decision-making"
”Accurate data capture is crucial for ETS reporting, but METIS Total Emissions Management is also a comprehensive digital tool for emissions management that provides the framework for the predictive insights to help owners take evidence-based, effective decisions," said Eleni Polychronopoulou, CEO, of METIS Cyberspace Technology.
Eleni Polychronopoulou adds, “The solution allows owners to bring emissions management into the day-to-day decision-making for optimising vessel performance.”
Cloud-based solution
As a cloud-based solution, the METIS platform is also highly adaptable to changing market and regulatory needs of shipping, added Polychronopoulou.
Eleni Polychronopoulou continues, “Functionality can be continuously developed to add value for the end customer. We expect that, as the ETS unfolds, customer feedback will stimulate further enhancements in functionality to reflect the realities of the scheme.”