New Maritime Book & Claim System Strengthens Business Case for Green Shipping
Today, the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, RMI, Danish Shipping, and Maersk Oil Trading are proud to announce the launch of two publications outlining the design of their Maritime Book & Claim system, which will be piloted later this year. The two publications include a ‘Maritime Book & Claim: System Overview,’ which briefly outlines how the system works, and a ‘Maritime Book & Claim: Design Decisions and Justifications,’ which describes the system in more detail and justifies the system design decisions taken.
The Maritime Book & Claim system was co-developed to directly address challenges like high alternative fuel costs by allowing alternative fuel to be used where available, while allocating the costs and emission benefits to stakeholders with green ambitions – thereby strengthening the business case for green shipping. It was developed based on feedback from a range of companies across the maritime value chain to ensure the design fits the needs of maritime users in a project funded by the Danish Maritime Fund. The Maritime Book & Claim system has the potential to fast-track the decarbonization of the shipping industry by connecting companies with green ambitions and allowing them to share costs and decarbonize shipping together.
Speaking on the launch of the Maritime Book & Claim design publications, Pernille Dahlgaard, Chief Officer of Business, Regulatory and Analytics at the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, said:
“We are thrilled to have developed the blueprint for a tool that will help support the maritime industry in their green transition with the launch of our Maritime Book & Claim system design. This system will allow shipowners and operators to access a broader market of cargo owners willing to pay a green premium, monetize their green services, and recover investments in decarbonization technologies. As a result, it will trigger more investments in green shipping and accelerate decarbonization across the industry.”
Commenting on the launch of the Maritime Book & Claim design publications, Thomas Koch Blank, Managing Director at RMI, added:
"Zero-carbon shipping is critical to achieving a 1.5°C aligned future, and technology solutions are available to start that work today. A Maritime Book & Claim system translates vague demand signals to bankable revenue streams for ship owners, fuel producers and ports, and helps jump-start low-carbon fuel production and use in the sector. We look forward to continuing to work with our partners to ensure the shipping industry takes the necessary steps to decarbonize their fleets.”
Head of Climate in Danish Shipping, Lars Olsen Hasselager, said:
“We need to accelerate the decarbonization of our industry, and I hope that his new Maritime Book & Claim system can serve as a steppingstone towards achieving climate-neutral shipping. The system will help shipowners connect to cargo owners with appetite for green transport alternatives and thus stimulate the production of green fuels. It is crucial that we engage the full maritime value chain, including shipowners, operators, and customers, in a collective effort towards sustainable shipping.”
The maritime industry is responsible for over 80% of world trade by volume and around 3% of global greenhouse gas emissions. While energy efficiency measures and using alternative fuels can reduce emissions from shipping, these measures require significant investments that can be difficult to recoup as willingness to pay for green shipping remains scattered across the industry. Furthermore, the availability of alternative fuels is still limited on a global scale.
The Maritime Book & Claim system provides a solution to these challenges. Book & Claim systems are already in use in the electricity and aviation industries with interest growing in other hard to abate sectors. Book & Claim in shipping disconnects GHG emissions from the ship that caused them and allow companies to “book” these emissions on a registry where they can be “claimed” by customers. The Maritime Book & Claim system enables maritime companies to purchase a greener emission profile without a physical connection to a ship sailing on alternative fuels. This means alternative fuels can be consumed where supplies are available, while the benefits and costs are allocated to areas with demand for green shipping, consolidating willingness to pay for green shipping.