EMEA News
NorthStandard to Use BetterSea's FuelEU Compliance Platform
P&I club NorthStandard has partnered with digital decarbonisation specialist BetterSea to offer its members discounted access to BetterSea's FuelEU Maritime platform.
The BetterSea FuelEU Platform Solution offers an integrated pooling marketplace, which helps users monitor their compliance balance and gain a clear understanding of their regulatory obligations, NorthStandard said in an emailed statement on Friday.
FuelEU Maritime came into effect on January 1, applying to all ships over 5,000 GT in size calling at European ports. The initial target to reduce GHG intensity compared to the 2020 baseline has been set at a modest 2% for 2025, which will be tripled to 6% by 2030 and to 80% by 2050.
The compliance is measured using a well-to-wake approach, allowing ships to meet targets through renewable or low-carbon fuels, energy efficiency improvements, or technologies like wind-assisted propulsion.
Companies can also avoid non-compliance penalties through pooling, allowing ships with compliance surpluses to offset those with deficits.
"For NorthStandard's members taking advantage of this offer, the FuelEU platform pooling transaction fees will be reduced to zero for the initial half-year of reporting, with BetterSea only charging an administration fee to set up the required escrow accounts," NorthStandard said.
