A new study published by the European Community Shipowners' Associations on July 6 quantifies for the first time the scale of revenue the shipping industry generates for the treasuries of EU Member States. The study also calls for this revenue to be mandatorily directed toward clean fuel supply and the clean technology projects required for shipping's energy transition.

The study details the shipping industry's specific financial contribution to each Member State. It estimates that at a carbon price of €100 per tonne of CO₂, the shipping industry pays approximately €9 billion annually to the EU and its Member States. Even if the carbon price falls to €85, the sector's annual contribution would still amount to a substantial €7.65 billion.

The European Commission is preparing to review the EU Emissions Trading System, with work scheduled for completion by July 2026, which will set the framework for the ETS for the 2031–2040 period. Assuming shipping emissions remain broadly stable and the annual contribution is around €9 billion, this implies cumulative ETS payments from the shipping sector of approximately €90 billion over the next decade, corresponding to the surrender of roughly 900 million allowances.

The €9 billion figure represents the total paid by the shipping sector, however, and includes amounts retained at the EU level. The study ultimately finds that under the €100 per tonne scenario, total revenue flowing to Member States would be €7.7 billion, and under the €85 scenario, €6.6 billion.

Germany emerges as the largest beneficiary. Under the €100 per tonne of CO₂ scenario, it is estimated that Germany would receive approximately €1.7 billion annually from shipping's carbon revenues. It is followed by Poland (€972 million), Italy (€787 million), Spain (€712 million), and France (€465 million).

How should these funds be used? Under Article 10(3) of the EU ETS Directive, Member States are required to use ETS auction revenues to support the energy transition, with maritime decarbonisation explicitly listed as one of the permitted uses. However, the Directive does not set sectoral sub-targets, and Member States are free to determine the allocation of funds among the various prescribed purposes.

The report states that, with few exceptions, these revenues are not being reinvested into the shipping sector's energy transition. According to the European Commission's 2025 Carbon Market Report, Member States allocate roughly 5% of their total ETS revenues to the broader energy transition of the economy.

Currently, the price of sustainable fuels used in shipping remains, on average, roughly four times that of conventional fuels. The annual investment needed for shipping's energy transition in Europe alone is estimated at roughly €40 billion. Against this backdrop, apart from France and Estonia, which have already earmarked ETS revenues specifically for shipping, most Member States have yet to allocate a dedicated share of their ETS revenues to the maritime sector.