International Paint, an AzkoNobel subsidiary, is working with The Gold Standard Foundation and the FReMCo Group, to allow vessels with Intersleek hull coating to earn tradable carbon credits by the amount of emission reductions they achieve.
Carbon credits are units of measurement where one credit represents the removal of a ton of carbon dioxide (CO2) equivalent from the atmosphere.
The concept is the first of its kind and was created to promote the use of technologies that reduce the volume of CO2 released into the atmosphere. Credits can be traded on the carbon markets in the same way as stocks and shares and therefore have intrinsic value.
The AzkoNobel carbon credits methodology is based on vessel owners converting existing yachts from a biocidal antifouling system, to a biocide-free hull coating such as Intersleek.
In early September, 17 vessels with the Intersleek hull coating have become the first to earn tradable carbon credits worth an estimated $750,000 ($5.77 per credit). They have collectively earned 130,000 carbon credits after being painted with the low-resistance hull coating, reducing CO2 and associated emissions by an average of 9% preventing 130,000 tons of CO2 from being released into the atmosphere. This is compared with emissions from vessels with traditional antifouling hull coatings containing biocides.
According to International Paint there are another 100 eligible vessels already converted from a biocidal coating to the Intersleek range, so they are estimating another $2.8 million worth of carbon credits available for ship owners and operators to trade. International Paint has been working with Yachting Pages to offer its antifouling products and services to the global superyacht market and improve carbon emissions.
Marion Verles, CEO at The Gold Standard Foundation said, “The forthcoming issue of the first round of carbon credits is a significant milestone for the marine industry, as well as for Gold Standard as we make an impact in sectors where emissions reductions matter most. In a traditionally conservative industry with tight margins, ship owners and operators need sound conviction of the credibility of new financial mechanisms before investing.
“The first carbon credits will demonstrate the environmental and economic benefits of this scheme and hopefully accelerate uptake, thus supporting widespread adoption of more sustainable and eco efficient practices in the industry.”
For more information about carbon credits visit, International Paint.