30 May 2023
GHG performance assessment and verification for vessels
FuelTrust is a technology company dedicated to creating a trusted and sustainable fuel ecosystem for the maritime industry. They announced the launch of Carbon Baseline. Carbon Baseline is an AI-enabled solution. It delivers a detailed and verified baseline assessment of historical vessel and fleet emissions (GreenHouseGas, GHG performance).
As shipping progresses towards its 50% carbon reduction target in 2050, the assessment of individual vessels towards this goal will commence. Note that it will base on historical baselines going back to 2008. Hence, the GHG performance assessment will drive; finance decisions, tax levies and ESG reporting and could result in major financial implications. Owners with a detailed and verified baseline assessment, based on scientific analysis, will have a commercial and ESG compliance advantage over those using current emissions models that can only estimate performance.
Particularly, FuelTrust’s Carbon Baseline service uses cloud-based AI and blockchain technology. Therefore, delivering a validated historic carbon baseline in weeks, not months, at lower cost. The patent-pending AI Digital Chemist™ uses historical operational data to calculate prior-year GHG emissions profiles for a vessel or fleet.
With a validated historic carbon baseline, owners can increase charter pricing for validated green ships, certify applications for carbon credits, and with FuelTrust’s independent emissions scoring, seek lower carbon taxes and fees globally.
Current emissions models offer only rough estimates, based on; generic models that don’t account for chemical interactions, source fuel data, or supply and delivery chain impacts. Many also require massive amounts of manual input, or the installation of costly, high-maintenance devices aboard vessels.
FuelTrust uses its AI Digital Chemist™, which provides calculations based on a simulation of combustion at a molecular level. Thus, considering differences between batches of fuels that current emission models cannot.
“With Carbon Baseline, class or flag authorities can be provided a more accurate, third-party verified report on the emissions reductions actually achieved, meaning the fleet owner, their customers and their investors can benefit… Exact calculation is essential for the industry as not all fuels are created equal. Recent studies have shown that, for example, there can be an energy density difference of up to 3% between batches of the same fuel. There is also a significant carbon difference between batches… By offering this higher level of granularity in our data, we can give owners and charterers a far better picture of what their GHG performance has been in the past and what will be in the future.”Darren Shelton, Chief Product Officer at FuelTrust.
Carbon Baseline outputs a blockchain certificate for its findings. Hence, creating a fixed-in-time record that makes it easier for fleets to apply for carbon credits.
FuelTrust’s blockchain platform provides data security with encrypted and permissioned access, so only owners can authorize who views their data. In this way, FuelTrust makes it simple for ship owners and charterers to;
- Monitor and manage emissions
- Continue to adopt more sustainable practices
- Benefit from all historic actions taken.
More from FuelTrust
Bunker Insights service uses a combination of Artificial Intelligence (AI) and blockchain technologies. Thus, establishing an unalterable record of fuel chain transactions and analysing and identifying chemical risks and changes in fuel. Therefore, it simplifies monitoring and management of fuel risk for shipowners and charterers, allowing the industry to adopt more sustainable practices.
Source: Fuel Trust