Inside Track
Luxury Yachts Exempt From New EU Emissions Standards
The European Union’s “Fit for 55” climate agenda has the ambitious goal of slashing carbon emissions by 55 percent by the year 2030 as part of Europe’s Green Deal. But environmental groups are upset over certain omissions to the carbon-pricing scheme, which will apparently allow the owners of private yachts to keep emitting carbon tax-free.
According to a study released January 13 by Transport and Environment (T&E) — an umbrella group of several non-governmental organizations promoting so-called sustainable approaches to transport and shipping in the EU — a key carve-out in the new Emissions Trading System (ETS) will allow many maritime vessels, including private luxury yachts, to go on emitting carbon without paying their “fair share” of carbon taxes.
The new emissions standard will only apply to vessels above 5,000 gross tonnage. Vessels under that weight would include fishing vessels, tourist boats, and, yes, private luxury yachts.
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