Baltic Exchange supports IAP decarbonisation initiative

The International Advisory Panel on Maritime Decarbonisation (IAP) has released a report outlining nine different pathways to accelerate the transition to reduced CO2 emissions from shipping. Included in the recommendations is for the Baltic Exchange to play a significant role in the harmonisation, standardisation and verification of carbon accounting measures.

The IAP is a Singapore led initiative co-chaired by Andreas Sohmen-Pao, Chairman of the Singapore Maritime Foundation, together with Wong Weng Sun, Chairman of the Board and Governing Council of the Singapore Maritime Institute. It comprises 28 other leaders from maritime and related organisations, including Baltic Exchange Chief Executive Mark Jackson.

The Baltic Exchange is currently finalising plans to launch CO2 assessments for its benchmark routes in the coming weeks.

The report notes:

'It could be useful to have global registry for maritime-related GHG emissions to inform stakeholders of the GHG emissions resulting from a voyage. The regular publishing of such data could help shape behaviour, in part driven by customer response. A set of properly established and verified measurements will become increasingly important as a system of incentives and penalties emerge around emissions. Whether this is in the form of grants, financing, levies, or emissions trading, commonly-accepted metrics will be critical.'

As a trusted benchmark administrator underpinned with a robust governance framework, the Baltic Exchange is well positioned to provide stakeholders with verified emissions related data from shipping.

Click here to read a copy of the report.