Introduction to Maritime Shipping Book and Claim
The maritime sector plays a crucial role in global trade. Although it is responsible for more than 80% of world trade by volume, it only contributes around 3% of total global greenhouse gas (GHG) emissions annually. The International Maritime Organization (IMO) and the European Union have outlined stringent pathways for reducing emissions, necessitating the adoption of low and zero-emission fuels.
However, embarking on that journey faces hurdles such as these fuels’ high cost and availability, which is particularly problematic for price-sensitive cargo (e.g., commodities). This underscores the importance of market-based mechanisms like book and claim, which offer transparency into supply chain emissions and can accelerate the adoption of low and zero-emission fuels by connecting heavy transport decarbonization leaders to corporate consumers, as has been extensively discussed within the Community.
Implementing a maritime book and claim system presents several challenges, including the diverse range of fuels and emissions factors, the regulatory transition to full lifecycle assessment of fuel emissions (i.e., well-to-wake, which the IMO recently adopted sector-wide in July 2023), and the impact of vessel type and size on energy efficiency and, thus, in emission intensity metrics.
Furthermore, the lack of accessible and accurate data from shipping operations hinders the determination of emissions with reasonable assurance, emphasizing the need for reliable reporting mechanisms.
Several initiatives aim to address these challenges by developing book and claim systems like the ones undertaken by the Maersk McKinney Moller Center for Zero Carbon Shipping and RMI, RSB, or 123 Carbon. Also, some carriers have developed in-company solutions to meet the demand for low-emission transport services. Each takes a unique approach to this challenge.
For example, some focus only on marine fuel’s environmental characteristics or the full emission profile of ocean transport services. Also, some use transport work instead of energy measures to express emission intensity or use annualized data instead of voyage basis. Despite differences in approach, each system aims to connect supply and demand for green shipping, incentivizing the use of low-carbon fuels and helping support shipping decarbonization.
Multiple methodological and technological approaches are crucial in addressing emissions in the maritime sector. However, this increases the risk of double counting and makes it difficult to determine how robust and consistent each solution is. Therefore, there is an increasing need for collaboration to sail confidently toward achieving decarbonization goals across the transport value chain.