New approach drives uptake of foul release eco-efficiency technologies and provides revenue from carbon reductions
AkzoNobel’s Marine Coatings business, supplier of International® advanced hull coatings and The Gold Standard Foundation have announced 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 the application of Intersleek®. 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. Many owners and operators are already eligible to benefit from the process and receive credits that have already been accrued.
International® 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. The company chose to work with The Gold Standard Foundation because it is the highest quality and most trusted carbon certification standard with rigorous sustainability benchmarks over three categories; environmental, social and economic, as well as technological.
The environmental credentials for Intersleek® technology have already been thoroughly established through an Eco-Efficiency Analysis conducted according to ISO14040 and ISO14044 and independently validated by the Swedish Environmental Research Institute.
“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.
Adrian Rimmer, CEO of The Gold Standard Foundation, said: “This pioneering initiative will help to increase the uptake of clean technologies in the international shipping industry and credibility is key to its success. The Gold Standard looks forward to continuing its work with International® and the broader maritime sector as it develops its environmental credentials, enabling owners and operators to benefit from the commercial and reputational advantages of sustainable business.”