AkzoNobel’s Marine Coatings business, supplier of International advanced hull coatings and The Gold Standard Foundation draw attention to a new and unique marine-based methodology to reward the improved fuel efficiency of ships within the international maritime industry.
Certification by The Gold Standard for the first of its kind, peer-reviewed methodology will allow ships to generate carbon credits, thus income, for the CO2 emission reductions they achieve.
The methodology is based on ship owners and operators converting existing vessels from a biocidal antifouling system to a premium, biocide-free advanced hull coating such as Intersleek.
A baseline emission level is determined for the vessel prior to the application of Intersleek with the same data source then used to determine the emission savings after its application. The carbon credits generated are directly related to reduced emissions as a result of reduced fuel consumption.
Using a ‘results based finance’ approach, carbon credits are awarded annually, based on vessel data that is collected, analysed and for Intersleek, administered by International and submitted to The Gold Standard Foundation for validation.
To ensure rigour and transparency, the fuel savings that are generated are verified by independent UN accredited auditors. Once the carbon credits are issued to International® they can be sold at market price and the revenue shared with customers.
This significant landmark for sustainability within international shipping will act as a further incentive to drive an increase in the uptake of eco-efficient technologies, as ship owners and operators can additionally benefit from their investment in Intersleek technology once the performance of the hull coating is independently verified in service. International advises that many owners and operators are already eligible to benefit from the process and receive credits that have already been accrued.
“This landmark methodology enables ship owners and operators to benefit twice when they invest in Intersleek® technology. Firstly, they can increase operational, environmental and energy efficiencies, which reduces fuel costs and emissions and then they can reap the additional financial benefits of carbon credits, which we will share with them. We will also handle all the administrative requirements, so customers don’t have to invest time, capital or resource in generating the carbon credits,” says Trevor Solomon, Intersleek Business Manager.