A newly reached agreement within the EU on waste shipments is poised to facilitate the inclusion of non-OECD ship recycling yards on an EU-approved list. This move, expected to be ratified by year-end, would allow the export of hazardous waste, including that from EU-flagged ships, to non-OECD countries. The agreement mandates that receiving facilities must demonstrate sustainable waste management and disposal in line with EU regulations and be included on an EU-approved list. The decision could unlock significant shipbreaking capacity in non-OECD countries, particularly in India, as 32 yards have applied for EU approval. The EU Ship Recycling Regulation (EUSRR) standards will be applied uniformly to both OECD and non-OECD yards, leveling the competitive playing field and addressing the anticipated surge in ship recycling over the next decade. The move is seen as a game-changer for the industry, providing more options for responsible and sustainable ship recycling.

SOURCE: GOOGLE