Last 29th March, Nikolaos Gouvalas, Miller Wells and Maruxa Heras represented Global Factor as speakers at the ESG Shipping Awards. In the latest edition entitled “ETS in Action: Bridging the Gap between Traders and Engineers”, held at the Grand Hyatt in Athens, they highlighted the importance of the Emissions Trading Scheme (ETS) in aligning efforts and promoting cost-effective strategies in the maritime industry.

This workshop, dedicated to promoting sustainable practices within the maritime industry, focused on the pivotal role of the Emissions Trading System (ETS) in aligning the efforts of traders and engineers towards achieving compliance and fostering cost-effective strategies.

Featuring engaging discussions led by prominent figures and industry experts in the ETS landscape, the workshop offered participants a comprehensive understanding of emissions trading dynamics, invaluable insights, practical knowledge, and best practices essential for navigating the complexities and opportunities presented by emissions trading. From regulatory frameworks to practical implementation strategies, attendees gained relevant understanding aimed at enhancing their proficiency in emissions management.

The success of “ETS in Action: Bridging the Gap Between Traders & Engineers” underscores the importance of collaborative initiatives in addressing environmental challenges within the maritime sector. As the industry continues to evolve, the ESG Shipping Awards remains steadfast in its commitment to championing sustainability and fostering responsible practices.

During the event, Maruxa Heras, Head of Shipping at Global Factor, pointed out a key challenge in implementing the EU ETS within the maritime industry: the allocation of responsibility and cost, highlighting the complexities involved in determining which entities within the maritime sector should bear the financial burden of emission reduction measures and how these costs should be distributed fairly and efficiently.

Miller Wells, Carbon Market Specialist at Global Factor, stressed the dynamic nature of EU ETS prices, noting their tendency to fluctuate and be influenced by abrupt events which underscores the volatility inherent in carbon markets and emphasizes the importance of monitoring and responding to changes in market conditions.

Nikolaos Gouvalas, Carbon Market Specialist and Country Manager for Greece & Cyprus emphasized the role of demand in shaping the price dynamics of the ETS. He attributed fluctuations in ETS prices to various factors, including industrial activity in Europe, correlations within the EU Emissions Allowance (EU A) commodity, and climate change considerations.

Gouvalas highlighted the shipping industry’s hesitance to fully embrace the ETS and engage in trading, despite its global relevance. He underscored the significance of ETS best practices, particularly in terms of proactive monitoring and establishing trust within the market.

The workshop sponsored by Global Factor & Moderated by Helena Athoussaki, Principal Organizer of the ESG Shipping Awards served as a crucial platform for fostering collaboration in the journey towards a more sustainable maritime industry.

Source: ESG Shipping Awards