A new landmark methodology allows ships to generate income in the form of carbon credits, which are earned by reducing CO2 emissions.

The scheme developed by AkzoNobel, a leading global paints and coatings company and the Gold Standard Foundation, which sets the standard for creating high-quality emission reductions, is based on ship owners converting existing vessels from a biocidal antifouling system to a premium, biocide-free advanced hull coating.

A total of 17 vessels feature in the first two claims with a combined award of almost $500,000, while 50 further vessels are expected to join the scheme by the end of the year.

“With ship owners and operators under increasing pressure to drive efficiencies and improve sustainability, the ability of carbon credits to turn energy efficiency into bottom line benefits is a timely and significant step forward,” said Trevor Solomon, Intersleek business manager at AkzoNobel’s Marine Coatings business.

“Almost 90 per cent of the shipping industry considers it important to measure emissions using a standard methodology, which makes carbon credits particularly advantageous for senior management teams who require evidence of a tangible return before investing in a clean technology such as advanced hull coatings.

“This is possible through our partnership with The Gold Standard Foundation, which validates carbon credits based on vessel data that is collected, analyzed and for Intersleek, administered by AkzoNobel. As an additional step to ensure rigor and transparency, the fuel savings that are generated are also verified by independent UN accredited auditors,” he added.

Based on the 100 eligible ships already converted from a biocidal antifouling to Intersleek technology, there is an estimated $2.8 million worth of carbon credits potentially available to ship owners and operators.

As well as being able to sell the carbon credits, the scheme also offers ship owners the option of passing them on to other stakeholders, such as cargo owners, to offset their emissions. They can alternatively be used to voluntarily offset other sources of CO2 emissions.

Adrian Rimmer, CEO of The Gold Standard Foundation, said: “This pioneering initiative is designed to help increase the uptake of clean technologies in the international shipping industry. We are following its progress with great interest.”

Launched in April, the scheme is the first peer-reviewed and independently validated methodology that allows ships to generate carbon credits for the CO2 emission reductions they achieve.

AkzoNobel spent more than two years developing the carbon credits methodology as part of its research into making eco-efficiency technologies more accessible for the wider shipping industry, a statement said.

The company worked with The Gold Standard Foundation because it is the highest quality and most trusted carbon certification standard with rigorous sustainability benchmarks, it added. – TradeArabia News Service