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INTERVIEW: Monjasa issuing CO2 emissions receipts to boost transparency

Highlights

Monjasa working with Deloitte on CO2 reporting model

Emissions reporting to become increasingly important

Marine fuel supplier Monjasa is giving customers an emissions report on their purchases in a project with Deloitte to facilitate transparency through the bunker supply chain, the company's Group Responsibility Director told S&P Global Platts.

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"Prior to our CO2 emissions reporting model, we realized was that obtaining upstream data was surprisingly difficult," Jesper Nielsen told S&P Global Platts.

"And if we do not have this data, the rest of the chain does not have this data, so CO2 emissions reporting would be largely based on estimates."

As the shipping industry looks to tighten its climate emissions, CO2 emissions reporting is likely to become increasingly important.

The International Maritime Organization agreed in 2018 to reduce the carbon intensity in the global fleet by 40% in comparison to 2008 levels by 2030 and to reduce greenhouse gas emissions by 50% by 2050.

However, there has been growing pressure from some governments and companies to increase the level of ambition and the IMO's secretary-general Kitack Lim has responded, saying on the fringes of the UN's Climate Change Conference in Glasgow in November the IMO must "upgrade" its environmental targets.

Renewed climate targets are currently under consideration at the IMO's Marine Environmental Protection Committee.

View of entire chain

Nielsen said: "We have an overview of the entire chain... from upstream cargoes to refineries and down to end-users ... and our intention is that the report will provide increased granularity to our customers."

The report provides CO2 emissions of fuel purchased with Monjasa, dissecting the emissions into two categories: well-to-wake emissions, and well-to-delivery emissions. This is in order to "fit into what the customers need" for reporting purposes.

The model uses a combination of industry-accepted standards for emissions data associated with sourcing fuel, such as drilling and refining, coupled with live consumption data from their fleet to encompass the previously hard-to-obtain logistic emissions.

"We quickly learned that there was a significant pull effect once we could deliver this information to our clients and the response has been overwhelmingly positive so far," Nielsen said.