The Maritime Carbon Exchange is designed to be an independent organisation that validates the methodological approaches for emission-reduction projects for ships, and administers the creation and registry of Maritime Carbon Units.
Maritime Carbon Units are saleable carbon credits generated when a ship owner installs emission-reducing technology that meets the criteria of the Maritime Carbon Exchange. The methodology is based on the Kyoto Protocol's Clean Development Mechanism and other successful carbon standards.
The premise of Maritime Carbon Units is to financially reward the ship Owner. To specifically encourage faster uptake of carbon-reducing technologies.
WHY DO WE NEED A MARITIME CARBON EXCHANGE?
So that individuals and organisations seeking to offset their maritime carbon footprint can contribute toward activities across the shipping industry that are effectively and efficiently making a difference in emission reductions.
- More efficiencies
- Lower emissions
- Lower fuel use
- Cheaper and cleaner freight
WHAT MAKES THIS UNIQUE?
There is much talk about market-based trading mechanisms to help fund the transition to sustainable shipping. Until now, however, none of these concepts have offered carbon credits from emission-reduction projects on ships.
Maritime Carbon Units are uniquely ‘from the industry, for the industry'.
WHO BENEFITS FROM MARITIME CARBON UNITS?
For Ship Owners, Maritime Carbon Units will provide funds for additional emission-reduction projects on ships – such as hull treatments, wind-assisted propulsion technologies, and other technologies.
For shippers of cargo seeking to build a carbon-neutral supply chain, Maritime Carbon Units provide a unique alternative to typical carbon credits from land-based projects such as tree plantations or wind farms. Maritime Carbon Units are generated within the shipping industry, from ship-based sustainability projects.
On the whole, time charter rates are market-driven, based on available capacity. Whilst a newer, more efficient ship may command a slight freight rate premium for the Owner, this premium can be marginal. Maritime Carbon Units are designed to make efficiency measures commercially rewarding for Owners. The more efficient the ship, the more tonnes of carbon saved, the more Maritime Carbon Units can be assigned for sale.
Revenue from the sale of Maritime Carbon Units provides supplementary finance for ship owners for carbon reduction initiatives that would otherwise not proceed under a business as usual scenario.
WHERE DOES THE MONEY GO?
The net sales revenue goes to ship owners and operators who have implemented emission reduction projects.
Listed on a central registry, Maritime Carbon Units are sold on the voluntary carbon market to users of shipping services seeking to offset their carbon footprint. Projected buyers include: cruise operators, ferry passengers, as well as raw material shippers, manufacturers, and international freight consolidators committed to carbon-neutral supply chains.
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