Shipping companies shall be liable to surrender allowances according to the following schedule:
(a) 40 % of verified emissions reported for 2024 that would be subject to surrender requirements in accordance with Article 12;
(b) 70 % of verified emissions reported for 2025 that would be subject to surrender requirements in accordance with Article 12;
(c) 100 % of verified emissions reported for 2026 and each year thereafter in accordance with Article 12.
Where fewer allowances are surrendered compared to the verified emissions from maritime transport for the years 2024 and 2025, once the difference between verified emissions and allowances surrendered has been established in respect of each year, an amount of allowances corresponding to that difference shall be cancelled rather than auctioned pursuant to Article 10.