The European Commission and UK Renew Cooperation in Maritime Security and Energy Technologies

The European Commission and the UK have reached a Common Understanding that outlines a renewed agenda for cooperation, with a focus on maritime security and safety, as well as new energy technologies such as hydrogen and carbon capture, utilization and storage (CCUS), among other things.

In view of the UK-European Union summit held on May 19, the European Commission and the UK held discussions to identify opportunities for enhancing bilateral cooperation. The Common Understanding reflects the outcomes, with both parties committed to moving forward promptly with the actions outlined in the document, in line with their respective legal systems and procedures, while also reaffirming their commitment to respecting each other’s independence in decision-making.

Enhancing Maritime Security and Safety

The parties have agreed to strengthen collaboration on maritime security and safety, with a focus on areas such as ship and port facility security, maritime cyber resilience, and accident reporting. The UK and the European Commission aim to intensify cooperation in these areas to ensure a secure and safe maritime environment.

Exploring Energy Technologies

Furthermore, the Common Understanding implies the exploration of the potential for UK participation in the EU’s internal electricity market, including involvement in EU trading platforms. The parties also aim to enhance technical and regulatory cooperation on CCUS, hydrogen, and biomethane, with a focus on establishing joint standards for cross-border CO2 infrastructure.

Linking Carbon Markets

The Commission and the UK have expressed their shared belief that connecting their carbon markets would help address trade issues and create a more level playing field. Both parties aim to establish a link between carbon markets by way of a EU-UK agreement linking the UK Emission Trading Scheme (UK ETS) and the EU Emission Trading System (EU ETS).

Positive Industry Response

Carbon Catalyst, part of a joint venture that performed the UK’s first-ever CO2 injection test, has welcomed the outcomes of the EU-UK Reset Summit. The company sees this agreement as a pivotal moment for industrial decarbonization and climate cooperation across Europe, paving the way for greater investment in the CCUS sector.

Overall, the European Commission and the UK are poised to strengthen their cooperation in maritime security, energy technologies, and carbon markets, signaling a commitment to sustainable and secure energy practices in the region.