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'No question' that the decarbonization of shipping will contribute to inflation, says industry CEO

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EU rules that effectively tax shipping lines for emissions would cause consumer costs to rise, said Bertrand Chen from the Global Shipping Business Network.

The European Union's Emissions Trading System — effectively a carbon tax — is set to be extended to the shipping industry starting in January 2024.

"There will be an inflationary impact coming from decarbonization of shipping … there is no question of it," Bertrand Chen, CEO of the Global Shipping Business Network, told CNBC'sNew European rules that effectively tax shipping lines for their emissions would push up costs, Chen added.

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