Panama Canal Generates VER Carbon Credits

By George Backwell
Monday, September 01, 2014
Forest plantlings: Image ACP

The Panama Canal Authority (ACP) informs it has certified Verified Emission Reductions (VERs) or carbon credits, within the framework of the Sustainable Forest Cover Establishment Project in the Canal Watershed. The VERs are available under the financial service provider MARKIT Registry, the main global platform for management of carbon credits.

These credits are based in the agroforestry, silvopastoral and reforestation activities in 2,458 hectares of the Panama Canal Watershed, following the standards established by the Climate, Community & Biodiversity Alliance (CCBA) and The Gold Standard Foundation.

During the Gold Standard verification, it was estimated that forestry projects in the Watershed will remove 378,566 tons of CO2 in a period of 30 years. A total of 113,570 tons will be stored as buffer and 264,996 tons can be used as carbon offsets or traded as VERs in the international market.
 
Initially, the Panama Canal offers 50,000 VERs for companies that comply with the reduction of their carbon footprint as part of their environmental objectives. These VERs have been certified taking into consideration environmental and social criteria which differentiates them from other carbon credits.

The financial benefits of the future issuing of the carbon credits will be invested in the environmental projects currently conducted by the Panama Canal in the communities of the Panama Canal Watershed.
 
To date, more than 5,600 hectares of forest plantation projects have been stablished by the Panama Canal in different areas of the Watershed. These projects have had a positive impact in the Watershed inhabitants who provide seedlings and labor to conduct reforestation activities, while also helping in land and water protection by increasing the forest cover in degraded areas.
 
More information available at http://bit.ly/1vGAukB

 
 


People & Company News

Hammond New International Sales Manager, Fairline Yachts

British luxury motor yacht manufacturer, Fairline Yachts, announces Robert Hammond as its new International Sales Manager. Robert will be responsible for Fairline's

STX to Slash Jobs, Sell Yard

To stay above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Technology

Damen, Evoqua Team for Innovative BWTS Solution

Two innovators in delivering unique solutions for the maritime sector, Damen Green Solutions and Evoqua Water Technologies will launch the DAMEN BALCON EC 1500

NASA May Send Submarine to Titan

NASA has unveiled plans to send a submarine into the depths of the largest ocean of Saturn's biggest moon, Titan in a bid to explore the depths of its largest ocean.

Scorpene Submarine Data Leak: Setback to Indian Navy

India has began multiple investigations to determine the extent of damage caused by the reported massive leak of secret data detailing the combat and stealth capabilities

Ports

284 Ships transit Suez Canal Last Week

Suez Canal traffic data showed that 284 ships transited the canal, with a total load of 14.34m tonnes, from 19 to 24 August 2016, reports Daily News Egypt.   Compared to July 2015,

Indian Warships Visit Port Victoria

In a demonstration of India’s commitment to its ties with Seychelles and maritime security in the Indian Ocean Region, Indian Naval Ships Kolkata, Trikand and

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Finance

Meyer Turku Continues Shipyard Investments

Meyer Turku shipyard  has further enlarged it’s investment package with a new 75 million euro steel storage and pretreatment facility. This is already a third large

Carriers have Withdrawn Extremely Low Spot Market Freight Rates - Drewry

Drewry’s Global Freight Rate Index, a weighted average of spot container freight rates across all major routes except intra-Asia, swung back in July by 13% to reach $1,403 per 40ft box.

Hapag-Lloyd Cruises Orders Two Vessels

TUI Group, the world’s number one tourism group, will invest in two new-builds for its Hamburg-based subsidiary Hapag-Lloyd Cruises. The two, new, 5-star expedition

Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1416 sec (7 req/sec)