AkzoNobel has announced the issue of more than 126,000 carbon credits worth more than $500,000 – the first to be awarded under the company’s landmark scheme for the shipping industry – which was developed in conjunction with the Gold Standard Foundation and the Fremco Group.
Launched in 2014, the award-winning program rewards ship owners who convert existing vessels from a biocidal antifouling to a premium, biocide-free advanced hull coating such as AkzoNobel’s Intersleek –part of its International® brand – which is proven to reduce fuel consumption and CO2 emissions.
On average, each of the 16 vessels included in the first issue achieved savings of just over 1,250 tons of fuel and 4,000 tons of CO2 per year, resulting in the award of 126,785 credits by the Gold Standard Foundation. That number is expected to increase as more vessels continue to enrol in the scheme.
“This is a tremendous moment both for AkzoNobel and the customers involved,” said Oscar Wezenbeek, Managing Director of AkzoNobel’s Marine Coatings business. “With the carbon credits program, we are demonstrating leadership and innovation in driving sustainability.”
Based on the average 10 percent CO2 savings recorded in this first carbon credits issue, the full fleet of over 4,500 vessels currently using Intersleek have already achieved total annual reductions in carbon emissions of around 17 million tons of CO2. That figure represents around 1.5 percent of the global emissions from shipping, as estimated by the 3rd IMO Greenhouse Gas Study.
“We have long known that our Intersleek coatings can contribute to reducing carbon emissions from the shipping industry,” added Trevor Solomon, Intersleek Business Manager and manager of the carbon credits program. “With the award of the first carbon credits, we now have independent validation and verification of those fuel and emission savings by respected auditors and the Gold Standard Foundation.”
The issue of the carbon credits followed a rigorous assessment of the scheme, which included validation and verification of the 16 participating vessels’ fuel consumption data by an independent auditor, RINA Services and the Gold Standard Foundation, in line with the United Nations Framework Convention on Climate Change (UNFCCC) Clean Development Mechanism.
AkzoNobel is currently in discussions with the enrolled ship owners regarding sale and offsetting options for their credits.