Global Shipping Business Network (GSBN) has signed a Knowledge Partnership Agreement with the Global Centre for Maritime Decarbonisation (GCMD) to help bridge the transparency gap between digitalisation and decarbonisation by enabling the secure and scalable exchange of data pertaining to decarbonisation initiatives.
GSBN is an independent not-for-profit technology consortium building a trusted digital platform to redefine global trade, while GCMD is a non-profit organisation which aims to help the shipping industry lower Green House Gas (GHG) emissions to meet the International Maritime Organization's goals for 2030 and 2050, by shaping standards for future fuels, and piloting low-carbon solutions, among others.
In the joint announcement, GSBN and GCMD noted that decarbonising the global shipping industry is estimated to require between US$1 trillion to US$1.4 trillion in investment.
"To bridge this gap and successfully achieve a low-carbon future, there are many challenges that need to be addressed and choices that need to be made," the announcement said, noting that core to this is a need to accurately measure and track emissions reduction data across the supply chain to ensure compliance, access to green financing as well as provide accountability of decarbonisation investments.
Under this partnership agreement, GCMD and GSBN will collaborate to identify use cases and co-design corresponding studies and pilots to demonstrate the effectiveness of using a blockchain platform to enable the decarbonisation of the maritime sector at scale.
Many platforms in the market host data collected from segments within the supply value chain for specific purposes. However, this results in data siloes.
The announcement said a data infrastructure like GSBN could integrate data across the supply value chain from stakeholders, including shipping lines and terminals, to inform decision-making and thus accelerate maritime decarbonisation.
"To successfully achieve decarbonisation, there must be choice and trust. Shipping lines and their customers want to have the choice of different alternative fuels and solutions. Given the substantial investment and resources that go behind these initiatives, there is an increasing need for trusted, granular data to support decision-making and prove claims of sustainable shipping," said Bertrand Chen, CEO at GSBN.
He noted that by combining GCMD's work in driving decarbonisation with GSBN's trusted data infrastructure, both groups could work together on the shift towards a low-carbon future in shipping.
"We are excited to have GSBN come on board as a Knowledge Partner. GCMD recognises the importance of data security and trusts to improve decision-making, attract investment, and ultimately accelerate the decarbonisation of the industry," said Professor Lynn Loo, CEO at GCMD.
He added that GSBN's specialisation in data infrastructure complements its domain and technical expertise in decarbonisation, the combination of which will increase transparency and build stakeholder confidence in our collective journey towards zero-carbon shipping.