Turning Challenge into Opportunity 2025

issues.41 Regulators are also starting to recognize its role: the EU has explored the use of book-and- claim for synthetic fuels under FuelEU Maritime, provided that robust traceability is in place.42 Book-and-claim is best seen as a near-term enabling mechanism, not a silver bullet. It will not replace the need for physical infrastructure build- out, but it can accelerate market formation by allowing buyers and suppliers to transact now, even in the absence of global bunkering coverage. Crucially, with suppliers now advocating for book-and-claim as part of their commercial strategy, the mechanism has shifted from a buyer- driven accounting workaround to a mutually reinforcing solution. Conclusion Shipping’s low-carbon fuel transition hinges on translating intent into bankable demand signals and coordinated market architecture. Long- term, risk-sharing offtakes, possibly reinforced by targeted CfDs, can unlock first-of-a-kind projects and pull investment through to scale, while flexible, aggregated models such as credible book-and- claim systems may overcome infrastructure gaps and supplier fragmentation. As regulatory frameworks develop towards 2030 and 2050 objectives, early movers that combine contractual resilience with portfolio flexibility may be best positioned to navigate cost volatility, technology learning curves and evolving standards. The imperative now is execution: align green corridor demand with production ramp-up, embed change-in-law protections and certificate integrity into offtakes, and mobilize blended finance to shorten timelines from pilots to system-wide adoption. This integrated approach will convert today’s pocketed progress into durable market pull, accelerating the shift from niche deployments to mainstream decarbonization across global fleets. Turning Challenge into Opportunity: Supplier Voices from Heavy-Emitting Sectors 21