Decarbonisation and Skuld's role

Today, shipowners and charterers are facing complex challenges in the transition to more sustainable solutions. Skuld is a reliable partner in their journey to reduce carbon emissions to relevant target levels. Skuld’s role is reflected in our purpose statement “Protecting Ocean Industries", ensuring a precautionary and caring approach to foreseeable health, safety and environmental risks in shipping.

Our environmental, social and governance (ESG) efforts consist of a wide range of activities demonstrating our commitment to sustainability. Skuld is providing financial protection and risk assessments of new technology and fuels, supporting R&D, and advising on emerging sustainable regulations and policies.

Increasing number of regulations

Climate action is high on the agenda in shipping and, as an insurer, we incorporate activities in our business that fits the desire of shipowners to be sustainable in their operations.

In 2008, shipping emitted around 921 000 000 tons of CO2. This is the equivalent of about 3% of the world’s total emissions. To reach the International Maritime Organization’s (IMO) ambition to reduce shipping’s total annual greenhouse gas (GHG) emissions by at least 50% by 2050 compared with 2008, and the Paris Agreement to achieve net-zero emissions by 2050 to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared with pre-industrial levels, shipowners will have to reduce emissions significantly.

Shipowners and charterers must comply with an increasing number of regulations entering the maritime industry. Whether it is the CII, EEXI/EEDI, ETS, Fuel EU Maritime, Sulphur Caps, NOx tier requirements or others, they create new challenges. Skuld’s expertise and closeness to the market offer benefit of industry insight for members and clients on these topics.

Engaging in industry transition initiatives 

Skuld is the only P&I club involved in the Green Shipping Program (Norway) and Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, two of the most comprehensive industry initiatives for creating low/zero carbon solutions for the shipping industry and its value chain. 

Mission Ambassador for Maersk Mc-Kinney Moller Center for Zero Carbon Shipping

Skuld is a mission ambassador for Maersk Mc-Kinney Moller Center for Zero Carbon Shipping. The partnership will further support and promote our common goal of securing and providing tomorrow’s zero carbon shipping solutions.

Partner to The Green Shipping Programme

Skuld is partner to The Green Shipping Programme (GSP), a public-private partnership, aiming to advance the Norwegian government’s maritime strategies and plans. The programme’s vision is to develop and strengthen Norway’s goal to establish the world’s most efficient and environmentally friendly shipping.

Since becoming a partner in 2021, Skuld has participated in two ammonia related pilots; Green Ammonia Powered Bulk Carrier and Ammonia powered tanker.

Signatory to the Poseidon Principles for Marine Insurance (PPMI)

Knowledge starts with understanding data and our portfolios baseline compared to industry standards. Skuld wants to monitor our alignment with IMO and industry targets, and we are a signatory to the Poseidon Principles for Marine Insurance (PPMI). The PPMI initiative underlines the importance of transparency and the use of reliable data in the journey towards decarbonization.

PPMI covers the H&M business. In order to estimate our total portfolio, we have teamed up with a data provider to estimate our total scope 3 emissions through AIS data and with this tool we are able to understand our emission impact.

Building knowledge 

Continuous knowledge building and organising our efforts are essential to be a leading provider in offering legal and industry advice in a constantly changing environment. Skuld has an underwriting expert group, with the aim to streamline information exchange and to create clear channels towards our local markets.