DNV has launched Emissions Connect, a data verification engine and data management platform designed to help the maritime industry assess and work with emissions data.
According to DNV, the solution provides a verified source of emissions data that can be shared with all relevant stakeholders along the maritime value chain.
Emissions Connect is designed to support with the operational impact of multiple regulatory requirements and decarbonisation trajectories.
The new solution specifically addresses the needs emerging from the introduction of the EU Emissions Trading System (ETS) and the Carbon Intensity Indicator (CII) to the maritime industry.
READ: EU includes shipping in carbon trading scheme to curb emissions
The EU ETS, due to be phased in from 2024, will require the Document of Compliance (DoC) holder – typically the ship manager – to surrender EU Allowances (EUAs) based on the annual level of emissions.
Additionally, the CII rating measures how efficiently a vessel transports goods or passengers.
The EU ETS will expose DoC holders to significant financial risk, as emission costs will be factored into contracts between stakeholders to ensure fair distribution.
CII is becoming a factor in charter terms, creating balance sheet risk, and impacting shareholder value, access to capital, and commercial attractiveness.
In this context, DNV believes the collecting, managing, and sharing of accurate and reliable data will be crucial.
READ: ONE launches new Eco Calculator to reduce CO2
Emissions Connect provides verified voyage statements that can be used as a trusted basis for emissions accounting and to facilitate ETS allowance settlements.
The tool’s emissions performance simulation allows for projections of a vessel’s future CII score and for planning of EU ETS allowances, facilitating informed decision-making.
High-quality emissions data provided by the shipowner is verified by DNV and shared with customers for self-service in settlement of transactions or other purposes such as compliance reporting, exporting and secure sharing with partners and third parties.
Pål Lande, Digital Business Development Director at DNV Maritime, said: “Reliable, verified data is necessary at every stage of the value chain for operational control and accurate accounting of emissions in order to facilitate commercial agreements.”
“Annual aggregated data reports will no longer be sufficient to manage and control ETS allowance and CII performance. Transparency on a trusted and verified voyage statement based on daily real-time reporting of data will be an essential basis of commercial contracts.”
READ: DNV, Singapore Institute of Technology sign decarbonisation-digitalisation deal
“Through providing real-time verified emissions data that the entire maritime value chain can share, trust and act on, Emissions Connect can serve as an important enabler to help the industry achieve its decarbonisation goal,” said Knut Ørbeck-Nilssen, CEO, DNV Maritime.
This announcement comes six months after DNV singed a Memorandum of Understanding (MoU) with China Merchants Energy Shipping (CMES) and BHP to collaborate on industry value chain greenhouse gas (GHG) management.
