This approach allows cargo owners to procure sustainable marine fuels, reducing their environmental impact without requiring physical delivery of the fuel to their specific vessel. Instead, a corresponding volume of sustainable fuel is delivered to another vessel within the global network. This decoupling of sourcing and consumption simplifies access to lower-emission fuels, enabling broader adoption of sustainable practices across the shipping industry. Imagine a company shipping goods from Rotterdam to New York wanting to use biofuel. Instead of procuring and bunkering biofuel in Rotterdam, the company can purchase a claim that an equivalent amount of biofuel was used elsewhere in the maritime network. This simplifies logistics and expands access to sustainable marine fuels.
Facilitating the transition to more sustainable shipping practices is paramount for reducing the industry’s carbon footprint. This innovative, market-based approach enables companies to invest in and utilize sustainable marine fuels more easily, contributing to broader decarbonization efforts. Historically, achieving emissions reductions in the maritime sector has been complex due to logistical challenges and the global nature of shipping. Such a system helps to overcome these hurdles by creating a more flexible and accessible market for sustainable marine fuels, accelerating the transition to a greener future for the industry.
