The Baltic Exchange is asking shipowners to share their emissions data for the collective good of the industry.
The London institution has teamed with GeoSpock, a spatial big data company, to launch a maritime air emissions project seeking to enable a data first strategy for all of maritime.
“The knowledge and insights facilitated by the project will raise the entire industry up, improving understanding, efficiency and performance for emissions reduction and in wider maritime operations,” the Baltic stated in a white paper, adding: “Effective, lasting change requires participation from all parties within maritime to create and shape a platform with true industry value. It is only through collaboration and partnership that the maritime emissions project will achieve its full potential.”
The Baltic argues that the understanding of fleet emissions will assist in the development of global carbon reduction initiatives such as the implementation of carbon taxation policies. By profiling the emissions intensity of individual vessels and routes, the Baltic says it will become possible to develop accurate carbon related indices similar to the Baltic Exchange’s existing financial measures. This will provide shipowners, traders and brokers with a mechanism to understand their carbon emissions and to take action to limit their carbon risk, and governments, ports and other associated parties the means to more accurately incorporate these factors into their business strategies.
The emissions project helps owners and operators make informed decisions with an understanding of their effect on the “triple bottom line” of profitability, the environment and social impact, the Baltic’s white paper stated, adding: “As data sources proliferate, modelling will give way to measuring, allowing the industry to show its commitment to emissions reduction with a certainty not seen in any other logistics sector. The maritime air emissions project will provide all companies with the ability to harness the power of data for collective good.”