Is your vessel reporting solution ready for January?
Starting January 1st 2024, the EU MRV, in addition to CO2 emissions, is expanding its scope to include greenhouse gases such as nitrous oxide (N2O) and methane (CH4).
Although these two gases are emitted in much lower quantities from maritime transportation than CO2, their potency as greenhouse gases is significantly higher. Making them an important factor to monitor and eventually bring down.
The EU has defined emission factors based on fuel consumption for these gases. The key to compliance is knowing how much fuel of which fuel type has been consumed by each vessel, and where in the world it has been consumed.
Reporting requirements in the age of emissions regulations.
With the advent of EU MRV and other stringent emissions regulations, the quality of daily vessel reporting has become more critical than ever. Gone are the days when spreadsheets and emails sufficed to convey voyage data to owners, charterers, and weather-routing companies.
Today, this data informs a range of activities, from performance monitoring to emissions reporting, necessitating complete, structured, and accurate information. While sensor data may play an important role in the future, it must be complemented by a robust manual reporting system to accurately allocate consumption on fuel types, events, and different consumers.
When these criteria are met, emissions reporting becomes straightforward, allowing for generating a report that aggregates full-year data, accurately distinguishing between sailing and port emissions, and encompassing all relevant types of emissions. However, without a proper system in place, this simple task becomes a daunting challenge, involving the compilation and correction of data in a race against the submission deadline.
Ensure that your reporting solution is ready for tomorrow’s demands.
The first annual emissions reports under these new regulations won’t be due until 2025, but having a suitable vessel reporting solution from the start of next year is key.
With the EU MRV expanding, the introduction of EU ETS in 2024, and FuelEU Maritime in 2025, along with other potential emissions schemes, the demand for high-quality data will only intensify. Ensure your vessel reporting solutions are up to the task!