Decarbonizing the Shipping Industry with ClimeCo and Marsoft
The costly and time-consuming process of meeting the stringent requirements of the carbon markets has been a barrier to accessing those markets for the shipping industry. By collaborating to simplify, accelerate, and cut costs while maintaining the highest standards, Marsoft and ClimeCo have made carbon credits part of the industry-wide solution to the challenge of decarbonization.
Arlie Sterling
President at Marsoft Inc.
Challenge:
The shipping industry is a significant contributor to global greenhouse gas (GHG) emissions, accounting for about 3% of emissions, which is nearly equivalent to the aviation sector. The International Maritime Organization (IMO) has set ambitious goals for a 100% reduction in annual greenhouse gas emissions from shipping over the next 30 years. Achieving these targets is critical to mitigating climate change.
Solution:
ClimeCo, in collaboration with Marsoft, has taken proactive steps to address this challenge by partnering with the shipping industry. Initiatives such as low-carbon fuels, energy storage solutions, and retrofitting strategies all play an essential role in reducing the climate impact of the international shipping industry. Together, we work with shipowners and others in the shipping industry to evaluate, advise, and implement programs that reduce GHG emissions.
One notable initiative involves utilizing the Voluntary Carbon Market (VCM) to create incentives for shipowners to decarbonize their fleets based on the value of carbon (CO2) emission reductions. The program incentivizes retrofit plans to improve fuel efficiency and reduce greenhouse gas emissions and is managed under the Gold Standard Foundation carbon offset registry.
Results:
The program monitors a ship’s performance throughout the year, utilizing data required for reporting to the IMO. This data is then used to calculate emissions reductions associated with eligible retrofits using a computer modeling program developed by Marsoft in collaboration with the Massachusetts Institute of Technology Sea Grant Design Laboratory. By incentivizing emission reductions and promoting the adoption of efficiency improvement technologies, ClimeCo and Marsoft’s partnership plays a crucial role in accelerating the pace of decarbonization of the shipping industry.
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