At the SMM trade fair, DNV awarded shipping and logistics company Wallenius Wilhelmsen its first biofuel insetting verification statement – recognizing the company’s use of B100 in a recent voyage.
Biofuels can help to make an immediate impact on shipping’s GHG emissions. However, they do come at an increased cost and owners need to be sure that they can benefit from their extra investments in sustainability and compliance. Verified biofuel insetting enables this, by creating transparency in a “book and claim system” across the entire supply chain.
DNV has worked with Wallenius Wilhelmsen to verify the GHG reductions it has achieved by using 100% biofuel (B100) on the Morning Post vehicle carrier. Bunkering B100, derived entirely from sustainable sources, at Port of Antwerp-Bruges, the vessel consumed the biofuel over its scheduled voyage, resulting a reduction of 90 % CO2 equivalent on well-to-wake basis. This statement is DNV’s first commercial verification of Biofuel insetting with 100% biofuel (B100) and marks a new chapter in shipping’s journey toward decarbonization.
Jørgen Westrum Thorsen, Senior Manager Sustainability, Wallenius Wilhelmsen, said: “Our ambition is to lead the transformation of our industry towards a decarbonized future and the increased utilization of sustainable biofuel will play a part in getting us there and delivering on our net-zero 2040 commitment. Our customers are integral partners on this net zero journey so working closely with DNV to ensure that we can consistently deliver verified emission reductions to our customers is an important step.”
Morten A. Lerø, Managing Director of DNV Maritime Advisory said: “Biofuel insetting is emerging as an important new solution for companies aiming to reduce their carbon footprint, alongside meeting the increasing strict national and international regulatory targets. But it also has the potential to create new business models, enhancing and expanding the market for green and sustainable services.”
“In the absence of global standards, or a global accounting database for the approach, the industry needs trusted and independent assessments of these processes to ensure that emission reductions are fairly calculated and accurately tracked. For shipping companies, their customers need to trust that their sustainability drivers are backed up by rigorous standards and real, measurable outcomes. ” he concluded.
DNV has developed a biofuel insetting verification service which covers all the steps in this process, from creating an emissions baseline, through the inset process, system validation, all the way through to issuing a verification statement and providing support in Scope 3 accounting. The service can be tailored to individual customers, managing the complexities helping to build trust and robust processes in this new market.