IN a landmark move for the shipping industry, Mitsui O.S.K. Lines, Ltd. (MOL) and Shell Trading Rotterdam B.V. (Shell) have successfully implemented a first-of-its-kind "book and claim" model to accelerate marine decarbonization.
This collaboration allows for the indirect generation of Environmental Attribute Certificates (EACs) derived from the use of low-carbon fuels on vessels operated by third parties. By utilizing the Market-Based Measures Accounting Framework (MBM Framework) and the 123Carbon registry, the initiative ensures that the environmental benefits of cleaner fuels can be credibly tracked and traded even when they are not physically tied to a specific cargo's journey.
The process began with Shell facilitating a fuel switch from traditional VLSFO to a lower-carbon marine biofuel (FAME) on a vessel not operated by MOL. While the vessel operator retained the "Scope 1" emission reduction benefits for their own operational records, they waived the "Scope 3" rights — those attributable to cargo owners — in favor of the registry. Shell then recorded these lifecycle GHG emission reductions into the 123Carbon registry and allocated them to MOL. Following rigorous verification, MOL converted these values into EACs, which are now offered to customers through its "BLUE ACTION NET-ZERO ALLIANCE" carbon insetting program.
This initiative is a significant milestone because it proves that emission reductions from third-party vessels can be reliably converted into certificates for cargo owners, meeting the growing demand for low-carbon maritime transport solutions.
Both MOL and Shell, as members of the Book and Claim Community governing board, view this as a vital step toward creating a more flexible and transparent maritime ecosystem. Looking ahead, MOL intends to expand these solutions across air and land transport, aligning with its "Environmental Vision — BLUE ACTION 2035" to achieve net-zero emissions through innovative carbon insetting strategies.
