DNV launches real-time emissions data verification solution for trusted collaboration across maritime value chain
DNV has launched Emissions Connect, an emissions data verification engine and data management platform, designed to help the maritime industry accurately assess and work with emissions data. The solution provides a trusted, verified source of emissions data that can be shared securely with all relevant stakeholders along the maritime value chain, according to DNV's release.
While designed to support with the operational impact of multiple regulatory requirements and decarbonization trajectories, Emissions Connect specifically addresses the needs emerging from the introduction of the EU Emissions Trading System (ETS) and the Carbon Intensity Indicator (CII) to the maritime industry.
The EU ETS, due to be phased in from 2024, will require the Document of Compliance (DoC) holder - typically the ship manager - to surrender EU Allowances (EUAs) based on the annual level of emissions. Additionally, the CII rating measures how efficiently a vessel transports goods or passengers. The EU ETS will expose DoC holders to significant financial risk, as emission costs will be factored into contracts between stakeholders to ensure fair distribution. CII is becoming a factor in charter terms, creating balance sheet risk and impacting shareholder value, access to capital, and commercial attractiveness. In this context, the collecting, managing, and sharing of accurate and reliable data will be crucial.
To offer commercial support for the whole maritime value chain DNV has created Emissions Connect, enabling all stakeholders to have a common source of verified emissions data.
Built on the Veracity Data Workbench that supports customers with a strong emissions data management solution, Emissions Connect offers a high-quality emissions data baseline that is digitally verified. Furthermore, it provides verified voyage statements that can be used as a trusted basis for emissions accounting and to facilitate ETS allowance settlements. The tool’s emissions performance simulation allows for projections of a vessel's future CII score and for planning of EU ETS allowances, facilitating informed decision-making.
High-quality emissions data provided by the shipowner is verified by DNV and shared with customers for self-service in settlement of transactions or other purposes such as compliance reporting, exporting and secure sharing with partners and third parties, including banks and insurance companies adhering to the Poseidon Principles.
The Veracity Integrated Partner (VIP) program automates the process of turning raw and unstructured vessel data into trusted, verified data that is ready for consented use across the value-chain. Veracity structures the data utilizing the mature and open Operational Vessel Data (OVD) standard and provides a seamless process towards DNV’s verification and data sharing services.
