{"organism":"Page","children":[{"organism":"Container.Raw","children":[{"organism":"Metadata","model":{"title":"Freight decarbonization needs demand, not just molecules","text":"Book and Claim helps connect demand with lower carbon fuel supply, offering a scalable way to accelerate decarbonization across global freight and logistics.","links":[{"name":"Freight decarbonization needs demand, not just molecules","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-and-climate-financing/freight-decarbonization-needs-demand-not-just-molecules.html"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/metadata.shellimg.png/1776147630297/shell-lcs-bloomberg-promo.png","alt":"Truck driving along a coastal road with circular overlay graphic and 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customers","value":"https://www.shell.com/business-customers.html"},{"name":"Shell Low Carbon Solutions","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions.html"},{"name":"Low Carbon Solutions Insights Hub","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub.html"},{"name":"Carbon Markets & Climate Financing – Shell","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-and-climate-financing.html"},{"name":"Freight decarbonization needs demand, not just molecules","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-and-climate-financing/freight-decarbonization-needs-demand-not-just-molecules.html"}]},"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/header/breadcrumb"}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/header","model":{}},{"organism":"Container.Main","children":[{"organism":"Container.Section","children":[{"organism":"PageHeaderBanner","color":"semitransparent","model":{"title":"Freight decarbonization needs demand, not just molecules","image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section/page_header.shellimg.png/1776272877029/shell-lcs-bloomberg.png","alt":"Truck driving along a coastal road with circular overlay graphic and Shell plus Bloomberg Media Studios logo","width":3198,"height":1400}},"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section/page_header"},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section/text_939156248_copy","model":{"text":"\u003Cp\u003E\u003Cb\u003EDate of publication: April, 2026 (Produced by Bloomberg Media Studios for Shell)\u003C/b\u003E\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section/text","model":{"text":"\u003Cp\u003EFreight transport underpins global trade and economic growth. But whether goods move by road, sea or air, these sectors face some of the hardest decarbonization challenges.\u003C/p\u003E\r\n\u003Cp\u003EGlobal transport faces two critical imperatives at once, keep trade moving efficiently, while cutting greenhouse gas (GHG) emissions at pace. Freight emissions are projected to rise sharply\u003Csup\u003E1\u003C/sup\u003E, and lower-carbon fuel supplies are not scaling or distributing fast enough to meet demand where and when it is needed. Even during periods of disruption, mechanisms that can flexibly connect demand with available lower-carbon solutions remain critical.\u003C/p\u003E\r\n\u003Cp\u003EMany shippers\u003Csup\u003E2\u003C/sup\u003E, logistics service providers\u003Csup\u003E3\u003C/sup\u003E and cargo owners\u003Csup\u003E4\u003C/sup\u003E want to act on their decarbonization ambitions, but cannot reliably access lower-carbon fuels on the routes they use, and need confidence that any emissions claim is credible, auditable and recognized. This is the challenge book and claim seeks to address. It allows lower-carbon fuels to be used by those who have access, while verified environmental attributes are transparently allocated to customers elsewhere in the value chain.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section","model":{}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"StandaloneAsset","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1265683679/standalone_asset","model":{"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_1265683679/standalone_asset.shellimg.png/1776258150861/freight-emissions-infographic.png","alt":"Freight emissions are expected to almost double by 2050, without stronger action on decarbonization.","width":3840,"height":2160}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1265683679/text_1987803998","model":{"text":"\u003Cp\u003EProgress depends on ensuring that, ultimately, use of lower-carbon fuels leads to real displacement of higher-carbon alternatives somewhere in the system.\u003C/p\u003E\r\n\u003Cp\u003EAs pressure mounts on global supply chains to cut GHG emissions, the transport sector needs lower-carbon solutions that offer a way forward for operators of all sizes.\u003C/p\u003E\r\n\u003Cp\u003EAgainst this backdrop, a mechanism known as book and claim is gaining traction. It offers a way to accelerate the use of lower-carbon fuels in all transport modes across complex, multi-modal logistics, without waiting for physical infrastructure to catch up.\u003C/p\u003E\r\n"}},{"organism":"StandaloneAsset","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1265683679/standalone_asset_cop","model":{"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_1265683679/standalone_asset_cop.shellimg.png/1776150161464/container-port-at-dusk.png","caption":"Emissions from freight transport could nearly double by 2050. Book and claim offers shipping, transport and logistics companies access to verified lower-carbon fuels.","alt":"Container port at dusk with cranes loading cargo ships and stacked containers along the waterfront.","width":3840,"height":2160}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1265683679/text_329370115","model":{"text":"\u003Cp\u003EBook and claim is now being applied in real-world freight and logistics operations, supported by fuel suppliers, carriers, cargo owners, logistics providers and independent standards bodies. Proponents argue that it offers a credible, scalable way to connect demand for lower-carbon transport with supply, at a time when progress on reducing carbon emissions is lagging\u003Csup\u003E6\u003C/sup\u003E.\u003C/p\u003E\r\n\u003Cp\u003E“If investments in lower-carbon fuels are tied only to a specific trip where emissions occur, the system becomes fragmented and inefficient,” says Christoph Wolff, CEO of Smart Freight Centre, a non-profit organization dedicated to decarbonizing the freight sector. “Book and claim can support the low-carbon market through bankable long-term offtake agreements for new supply.”\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1265683679","model":{"title":"Freight emissions are expected to almost double by 2050, without stronger action on decarbonization⁵"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173/text","model":{"text":"\u003Cp\u003EThe ISO describes book and claim as a chain-of-custody model in which the administrative record flow is not necessarily connected to the flow of physical material or product through the supply chain. In terms of lower-carbon fuels, book and claim allows the environmental attributes of these fuels to be allocated across a value chain, even when the fuel itself is used elsewhere in the system.\u003C/p\u003E\r\n\u003Cp\u003EAdditionally, book and claim registries enable greater transparency by creating a traceable record of how GHG emissions data is allocated.\u003C/p\u003E\r\n\u003Cp\u003E“Book and claim is an important mechanism to reduce emissions across the supply chain,” says Bettina Paschke, Vice President of ESG Accounting, Reporting and Controlling at DHL Express. “It’s a mechanism that allows companies to access the emission-reduction benefits of lower-carbon fuels, even if they don’t have a direct physical connection to where that fuel is used.”\u003C/p\u003E\r\n"}},{"organism":"WebComponent","color":"brand1","model":{"links":[{"value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_341930173/web_component.stream/1775729753546/77094b8017d255355f8597936e38825a135db725/rio-iframe.js"},{"name":"src","value":"https://player.vimeo.com/video/1172250550?h=3e9ce33832&badge=0&autopause=0&player_id=0&app_id=58479"},{"name":"height","value":"300"},{"name":"title","value":"bettina paschke"}]},"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173/web_component"},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173/list/list_item","model":{"title":"Read the transcript","text":"\u003Cp\u003EBook and claim is a great solution for many actors in the supply chain because it is easy and accessible for everyone. Scope 1 users in the supply chain can purchase fuel where it's closest to the production, does not need to be shipped across many geographics or countries, and for Scope 3 users as well, because they would not need necessarily a physical connection to a solution.\u003C/p\u003E\r\n\u003Cp\u003EWe see this as a huge lever to reduce emissions for all modes in aviation, marine, also in road transport. This makes it inclusive as a solution for everyone. Of course it needs to be more mature. More companies need to offer that service, but I would say big momentum, demand is there. Companies have science-based targets they want to reach, and Book and Claim is a great opportunity. It's super easy, practical, fast to implement. That's why they don't need to wait. It's available.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173/list","model":{}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173/text_542600411","model":{"text":"\u003Cp\u003EThat distinction is especially important in logistics, where cargo owners, freight forwarders and carriers are often far removed from where fuel is produced or used.\u003C/p\u003E\r\n\u003Cp\u003ETransparency is critical to enable companies to identify and mitigate the full environmental impact of their activities, including Scope 3 emissions arising from services performed on their behalf.\u003C/p\u003E\r\n\u003Cp\u003E“Since many companies subcontract, especially in logistics services, Scope 3 emissions are a large and difficult part of the footprint for many companies to reduce,” says Paschke.\u003C/p\u003E\r\n\u003Cp\u003EBy mid-2025, around half a million customers were using DHL’s GoGreen Plus book and claim service, according to Paschke. Launched in 2023, the solution now applies emission reductions to a “double-digit” percentage of shipments moving through the network. “That has grown significantly over the last three years,” says Paschke.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_341930173","model":{"title":"Increasing the reach of lower-carbon fuels"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/text","model":{"text":"\u003Cp\u003EThe Greenhouse Gas Protocol is the most widely used standard for measuring and managing greenhouse gas (GHG) emissions. It divides GHG emissions into three categories.\u003C/p\u003E\r\n\u003Cp\u003EScope 3 emissions constitute the majority of total corporate emissions, but are generally the hardest to measure and manage.\u003C/p\u003E\r\n"}},{"organism":"Container","colspan":4,"children":[{"organism":"StandaloneAsset","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple/standalone_asset_cop","model":{"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_543415233/simple/standalone_asset_cop.shellimg.png/1776258160522/how-emissions-are-classified-infographic.png","alt":"Infographic with three colours to describe scopes 1, 2, 3 emissions.","width":3840,"height":3840}}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple","model":{}},{"organism":"Container","colspan":8,"children":[{"organism":"PromoSimple.Text","color":"brand2-solid","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple_1552923161/text_777205372","model":{"title":"Scope 1","text":"\u003Cp\u003EDirect GHG emissions from sources that an organization directly owns or controls, such as fuel burned by its vehicles.\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"brand3-solid","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple_1552923161/text_777205372_copy","model":{"title":"Scope 2","text":"\u003Cp\u003EIndirect GHG emissions associated with electricity, steam, heating or cooling that are purchased from a third party.\u003C/p\u003E\r\n"}},{"organism":"PromoSimple.Text","color":"brand1-subtle","colspan":8,"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple_1552923161/text_777205372_copy_933202139","model":{"title":"Scope 3","text":"\u003Cp\u003EBeyond Scope 2, all the indirect GHG emissions that occur across an organization’s entire value chain, including those embedded in goods and services it purchases and those generated in the use and disposal of what it produces.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233/simple_1552923161","model":{}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_543415233","model":{"title":"Explained: how emissions are classified"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_377169256/text","model":{"text":"\u003Cp\u003EWhile book and claim has attracted the most attention in aviation, its advocates stress that the approach is inherently multimodal.\u003C/p\u003E\r\n\u003Cp\u003E“The principles of book and claim are common across aviation, marine and road freight, even if the implementation looks different in each sector,” says Simon Denn, Vice President of Carbon Strategy at Shell.\u003C/p\u003E\r\n\u003Cp\u003EMaritime container transport is a concentrated sector with relatively few major carriers. Even so, adoption of book and claim has been slow, as its effective implementation depends on collaboration across the entire freight transport system.\u003C/p\u003E\r\n"}},{"organism":"Author.Bio","color":"brand1-subtle","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_377169256/author_copy_copy_cop","model":{"text":"\u003Ch2\u003E“Including book and claim within the greenhouse gas accounting standards, and clarity in guidance from target-setting organizations, can help unlock a lot of the demand for lower-carbon fuels that’s currently sitting on the sidelines.”\u003C/h2\u003E\r\n\u003Cp\u003ESimon Denn, Vice President of Carbon Strategy, Shell\u003C/p\u003E\r\n","links":[{}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_377169256/author_copy_copy_cop.shellimg.png/1776258691851/simon-denn.png","alt":"Simon Denn, Vice President of Carbon Strategy, Shell","width":3840,"height":3840}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_377169256/text_1529595961","model":{"text":"\u003Cp\u003ERoad transport presents a different challenge: The sector is fragmented, with millions of small operators and limited standardization. Organizations\u003Csup\u003E7\u003C/sup\u003E that support book and claim are bringing together the transport sector to structure effective decarbonization solutions. Alongside this is the testing of digital registries and accounting frameworks\u003Csup\u003E8\u003C/sup\u003E that can work in practice and at scale.\u003C/p\u003E\r\n\u003Cp\u003EFor DHL, the attraction lies in being able to offer lower-emission transport services across all major modes of transport, rather than only on selected routes where fuel happens to be available.\u003C/p\u003E\r\n\u003Cp\u003E“Without book and claim, we could only offer lower-emission services selectively,” Paschke says. “This allows us to scale globally, across aviation, marine and road, and make it accessible to a much broader customer base.”\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_377169256","model":{"title":"Book and claim: a multimodal tool"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816/text","model":{"text":"\u003Cp\u003EA central argument for book and claim is that it helps unlock investment by aggregating demand for lower-carbon fuels, rather than assessing individual customers’ willingness to pay on a case-by-case basis.\u003C/p\u003E\r\n\u003Cp\u003E“What matters is growing demand and linking it credibly to supply,” says Denn. “If producers see reliable, aggregated demand coming through, it helps inform investment decisions, enabling capital to flow and production to scale.”\u003C/p\u003E\r\n"}},{"organism":"WebComponent","color":"brand1","model":{"links":[{"value":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_2013353816/web_component_copy.stream/1775729753546/77094b8017d255355f8597936e38825a135db725/rio-iframe.js"},{"name":"src","value":"https://player.vimeo.com/video/1172250705?h=aaf2958e84&badge=0&autopause=0&player_id=0&app_id=58479%2Fembed"},{"name":"height","value":"300"},{"name":"title","value":"Simon Denn"}]},"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816/web_component_copy"},{"organism":"Container.List","colspan":8,"colstart":3,"children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816/list_copy/list_item","model":{"title":"Read the transcript","text":"\u003Cp\u003EBook and claim very clearly needs to be included within the greenhouse gas accounting standards. The Greenhouse Gas Protocol is currently going through what I'd describe as a generational update of its reporting standards. They are looking at market-based mechanisms as part of that overall update and to really get traction and move this beyond early adopters into more mainstream acceptance, the types of market-based mechanisms, chain-of-custody models, of which book and claim is one, need to be accepted in the corporate accounting mechanisms.\u003C/p\u003E\r\n\u003Cp\u003EA number of companies said they're very interested in purchasing lower carbon fuels and using methodologies like book and claim, but they're really waiting for the signal and signpost from the standard setters, the target setting guidance bodies, that book and claim will be recognized.\u003C/p\u003E\r\n\u003Cp\u003EThere's a lot of positive noises coming out of both Greenhouse Gas Protocol and the Science-Based Targets Initiative that this will be included, and I think that will help unlock a lot of the demand that's currently sitting on the sidelines.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816/list_copy","model":{}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816/text_1066139843","model":{"text":"\u003Cp\u003EPolicy signals are often insufficient to stimulate investment in lower-carbon fuels. Within book and claim, sufficient customer demand is also crucial – there is just more flexibility as to which customers and where they are located.\u003C/p\u003E\r\n\u003Cp\u003EInvestment in lower-carbon fuels is strongest when clear policy support is matched by demonstrable customer demand. Book and claim converts voluntary participation into a credible, sustained demand signal – giving producers the confidence that policy alone cannot provide.\u003C/p\u003E\r\n\u003Cp\u003EAccording to the International Energy Agency\u003Csup\u003E9\u003C/sup\u003E, biofuel and sustainable aviation fuel (SAF) supplies remain far below what would be required for net-zero pathways by 2050 in transport, particularly in aviation and shipping.\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_2013353816","model":{"title":"A demand signal to scale supply"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1950487671/text","model":{"text":"\u003Cp\u003ESupporters are clear that book and claim must be underpinned by robust, auditable systems. Concerns about erroneous double counting and greenwashing make integrity a central focus of current efforts.\u003C/p\u003E\r\n\u003Cp\u003ETo address those risks, companies are increasingly relying on digital registries, some built on blockchain technology, to record the lifecycle attributes of lower-carbon fuels and ensure that they are only claimed once.\u003C/p\u003E\r\n"}},{"organism":"Author.Info","color":"brand1-subtle","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1950487671/author_copy_copy_cop","model":{"text":"\u003Ch2\u003E“Trust is everything, every claim must be tracked, certified and externally verified. Otherwise, this won’t scale.”\u003C/h2\u003E\r\n\u003Cp\u003EBettina Paschke, Vice President of ESG Accounting, Reporting and Controlling, DHL Express\u003C/p\u003E\r\n","links":[{}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_1950487671/author_copy_copy_cop.shellimg.png/1776258732194/bettina-paschke.png","alt":"Bettina Paschke, Vice President of ESG Accounting, Reporting and Controlling, DHL Express","width":3840,"height":3840}}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1950487671/text_127717558","model":{"text":"\u003Cp\u003EA broader challenge is to ensure that the book and claim systems have well-functioning certification of environmental attributes, data accuracy and governance. The voluntary nature of book and claim means that much of this is driven by initiatives such as the Book and Claim Community\u003Csup\u003E10\u003C/sup\u003E to develop principles and best practices.\u003C/p\u003E\r\n\u003Cp\u003EIndustry efforts are being made to harmonize terminology and accounting rules to prevent fragmentation that could undermine confidence. “Harmonization is critical,” says Wolff. “If every mode, region or registry uses different rules, credibility suffers.”\u003C/p\u003E\r\n\u003Cp\u003E“The Greenhouse Gas Protocol or the Science-Based Targets Initiative had concerns about greenwashing, and these systems are getting a lot more mature,” adds Wolff. “So there are now very concrete steps being taken for book and claim systems to become officially recognized.”\u003C/p\u003E\r\n"}}],"id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_1950487671","model":{"title":"Credibility, traceability and trust"}},{"organism":"Container.Section","color":"inherited","children":[{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/text","model":{"text":"\u003Cp\u003EImportantly, book and claim is currently used within voluntary frameworks, rather than as a regulatory compliance tool.\u003C/p\u003E\r\n\u003Cp\u003E“This is about accelerating uptake now,” says Denn. “Transport is a slow-to-decarbonize sector. Book and claim is a flexible bridge that can operate while physical supply chains catch up.”\u003C/p\u003E\r\n\u003Cp\u003EBook and claim does not eliminate the complexity of transport decarbonization, but its advocates argue that it serves as a practical market mechanism, one that enables better alignment between fuel production and actual demand, ensuring progress even as physical infrastructure development struggles to keep pace.\u003C/p\u003E\r\n"}},{"organism":"PromoBanner","color":"semitransparent","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/promo","model":{"title":"Market-Based Mechanisms - Book and Claim","text":"\u003Cp\u003EIn-value chain solutions enabling your supply chain decarbonization.\u003C/p\u003E\r\n","links":[{"name":"Speak to our experts","value":"https://www.lowcarbonsolutions.shell.com/market-based-mechanisms-book-and-claim/?utm_source=bloomberg&utm_medium=referral&utm_campaign=373994705-BookAndClaimBloombergArticle&utm_content=bloomberg-article-learnmore"}],"image":{"src":"https://www.shell.com/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/_jcr_content/root/main/section_361461197/promo.shellimg.png/1776155030822/supply-chain-decarbonization.png","alt":"Aerial view of a truck crossing a bridge over water alongside a container ship carrying stacked cargo.","width":3837,"height":1680}}},{"organism":"CallToAction","color":"brand4-solid","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/call_to_action","model":{"links":[{"name":"Contact us","value":"https://www.lowcarbonsolutions.shell.com/contact-shell-low-carbon-solutions?utm_campaign=209034427-ShellWeb&utm_source=shell&utm_medium=digital&utm_content=web-CTA&vid=2ce0836874b64c83948a8e465a410044 ","icon":"/content/dam/shell/icons/global/technology/mobile-alt.svg"},{"name":"Explore Low Carbon Solutions","value":"https://www.shell.com/business-customers/shell-low-carbon-solutions.html","icon":"/content/dam/shell/icons/global/operations/search.svg"}]}},{"organism":"PromoSimple.Text","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/text_1759391938","model":{"title":"Sources","text":"\u003Cp\u003E\u003Csup\u003E1\u003C/sup\u003E International Transport Forum. “\u003Ca href=\"https://www.itf-oecd.org/sites/default/files/repositories/itf-transport-outlook-2023-summary-en.pdf\" target=\"_blank\"\u003EITF transport outlook 2023 summary\u003C/a\u003E”. 2023\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E2\u003C/sup\u003E World Shipping Council. “\u003Ca href=\"https://www.worldshipping.org/news/dual-fuel-container-ship-and-vehicle-carrier-fleet-reaches-400-ships-on-the-water\" target=\"_blank\"\u003EDual-fuel container ship and vehicle carrier fleet reaches 400 ships on the water\u003C/a\u003E”. February 2, 2026\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E3\u003C/sup\u003E Sustainability Magazine. “\u003Ca href=\"https://sustainabilitymag.com/supply-chain-sustainability/top-10-sustainable-transport-and-logistics-companies\" target=\"_blank\"\u003ETop 10 sustainable transport and logistics companies\u003C/a\u003E”. January 10, 2024\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E4\u003C/sup\u003E World Ports Org. “\u003Ca href=\"https://www.worldports.org/leading-cargo-owners-commit-to-zero-by-2040-target/\" target=\"_blank\"\u003ELeading cargo owners commit to zero by 2040 target\u003C/a\u003E”. May 3, 2025\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E5\u003C/sup\u003E Smart Freight Centre. “\u003Ca href=\"https://smartfreightcentre.org/en/about-sfc/news/white-paper-road-transport-collaboration-on-book-and-claim/\" target=\"_blank\"\u003ENew White Paper Published \"Empowering Shippers: How Book and Claim Plus a Clear Action Plan Can Unlock Heavy Road Freight Decarbonization\u003C/a\u003E”. December 10 2025\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E6\u003C/sup\u003E Bloomberg. “\u003Ca href=\"https://www.bloomberg.com/news/articles/2025-11-13/global-carbon-dioxide-emissions-set-to-hit-a-new-high-this-year\" target=\"_blank\"\u003EGlobal carbon dioxide emissions set to hit a new high this year\u003C/a\u003E”. November 13, 2025\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E7\u003C/sup\u003E Smart Freight Centre. “\u003Ca href=\"https://smartfreightcentre.org/en/about-sfc/news/book-and-claim-community-launches-to-accelerate-climate-solutions-for-heavy-transport-decarbonization/\" target=\"_blank\"\u003EBook and claim community launches to accelerate climate solutions for heavy transport decarbonization\u003C/a\u003E”. June 2, 2023\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E8\u003C/sup\u003E Roundtable on Sustainable Biomaterials. “\u003Ca href=\"https://rsb.org/2025/12/10/rsb-and-chooose-announce-collaboration-to-advance-digital-book-and-claim-solutions-for-saf/\" target=\"_blank\"\u003ERSB and Chooose announce collaboration to advance digital book and claim solutions for SAF\u003C/a\u003E”. December 10, 2025\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E9\u003C/sup\u003E International Energy Agency. “\u003Ca href=\"https://www.iea.org/reports/net-zero-by-2050\" target=\"_blank\"\u003ENet zero by 2050\u003C/a\u003E”. May 18, 2021\u003C/p\u003E\r\n\u003Cp\u003E\u003Csup\u003E10\u003C/sup\u003E Book and Claim Community. “\u003Ca href=\"https://bookandclaimcommunity.org/principlesandbestpractices/\" target=\"_blank\"\u003EPrinciples and best practices\u003C/a\u003E”. n.d.\u003C/p\u003E\r\n"}},{"organism":"Container.List","children":[{"organism":"AccordionItem","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/list/list_item","model":{"title":"Disclaimer","text":"\u003Cp\u003EIn 2025, 80.85% of Shell’s global investments included oil & gas, 9.58% included low-carbon energy solutions and 9.58% non-energy products. Shell’s target is to become a net-zero emissions (NZE) energy business by 2050.\u003C/p\u003E\r\n\u003Cp\u003EWhen we refer to ‘low‑carbon fuels’, we mean fuels that demonstrate a lower lifecycle greenhouse gas (GHG) emissions intensity compared to their fossil‑fuel‑based equivalent.\u003C/p\u003E\r\n\u003Cp\u003EThe companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this publication “Shell” is sometimes used for convenience where references are made to Shell plc and its subsidiaries in general.\u003C/p\u003E\r\n\u003Cp\u003EDepending on jurisdiction and local laws, Shell may offer the sale of Environmental Attributes (for which subject to applicable law and consultation with own advisors, buyers might be able to use such Environmental Attributes for their own emission reduction purposes) and/or Environmental Attribute Information (pursuant to which buyers are helping subsidize the use of lower-carbon fuels but no emission reduction claims may be made by buyers for their own emissions reduction purposes). Different offerings have different forms of contracts, and no assumptions should be made about a particular offering without reading the specific contractual language applicable to such offering.\u003C/p\u003E\r\n\u003Cp\u003EDisclaimers, including NZE target: \u003Ca href=\"https://www.shell.com/investors/disclaimer-and-cautionary-note.html\"\u003Eshell.com/disclaimer\u003C/a\u003E\u003C/p\u003E\r\n"}},{"organism":"AccordionItem","color":"inherited","id":"/content/shell/corporate/global/en_gb/business-customers/shell-low-carbon-solutions/low-carbon-solutions-insights-hub/carbon-markets-climate-financing-shell/freight-decarbonization-needs-demand-not-just-molecules/jcr_content/root/main/section_361461197/list/list_item_1057682678","model":{"title":"Cautionary note","text":"\u003Cp\u003EThe companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this content “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. “Subsidiaries”, “Shell subsidiaries” and “Shell companies” as used in this content refer to entities over which Shell plc either directly or indirectly has control. The term “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.\u003C/p\u003E\r\n\u003Ch4\u003EForward-Looking Statements\u003C/h4\u003E\r\n\u003Cp\u003EThis content contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this content, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cybersecurity breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this content are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investor and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this content and should be considered by the reader. Each forward-looking statement speaks only as of the date of this content. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this content.\u003C/p\u003E\r\n\u003Ch4\u003EShell’s net carbon footprint\u003C/h4\u003E\r\n\u003Cp\u003EAlso, in this content we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI are for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.\u003C/p\u003E\r\n\u003Ch4\u003EShell’s net-Zero Emissions Target\u003C/h4\u003E\r\n\u003Cp\u003EShell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.\u003C/p\u003E\r\n\u003Ch4\u003EForward Looking Non-GAAP measures\u003C/h4\u003E\r\n\u003Cp\u003EThis content may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements. The contents of websites referred to in this content do not form part of this content.\u003C/p\u003E\r\n\u003Cp\u003EWe may have used certain terms, such as resources, in this content that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. 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