Tankers International rolls out carbon offset offering for VLCCs

VLCC pool operator Tankers International has partnered with Hartree Partners’ subsidiary Vertree to launch what it calls a climate compensation voyage program for the tanker sector.

Tankers International said the partnership with Vertree, which enables organizations to accelerate and deliver climate commitments through nature-based solutions, will allow the company to assess and understand the carbon footprint of its pool and offer its customers a facility to compensate for their unavoidable value chain emissions.

Vertree uses scientifically recognized methodologies and proprietary data to calculate an emissions baseline on a per voyage, monthly or annual basis. Customers can then choose from a range of nature-based options to compensate the carbon footprint, tailored to price, geographies, and impact targets, Tankers International explained, adding that all Vertree projects are verified and certified by third parties, including the Verified Carbon Standard, Architecture for REDD+ Transactions, Gold Standard as well as Climate, Community, and Biodiversity Standard.

Matthew Smith, senior vice president of commercial & operations, Tankers International, commented: “While compensation is not the total solution to GHG emissions reduction in shipping, it can play an immediate and meaningful contribution to efforts to reduce cumulative emissions in the atmosphere – helping to prevent catastrophic heating while the industry pursues efforts to reduce its actual emissions.”

Ariel Perez, managing director at Vertree, added: “The use of carbon-climate compensation is becoming increasingly important, as companies look to meet higher ESG standards from their customers. Our agreement with Tankers International allows us to support organizations that charter cargo and catalyze environmental action that’s increasingly demanded by their customers. Although within value chain emissions abatement should remain the priority, nature-based compensation is among the most scalable and effective ways to reduce emissions, protect and restore biodiversity and support the United Nations’ Sustainable Development Goals.”

Source: Splash247

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