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The European Union has been forced to postpone its energy and climate legislation, which is highly likely to include CO2 quotas on shipping, by one month.
The policy which was to have included the emissions trading legislation which will regulate shipping and aviation and regulate the price of CO2 was initially slated to be proposed in June, but it has now reportedly been given a date of July 14.
The policy will set out how the EU intends to reduce CO2 emissions by 55% from 1990 levels by 2030.
Recent months have seen EU CO2 prices rally strongly so that the price recently breached the €50/mt for the first time.
