International Paint puts shipowners back in credit
Thu, 05 June 2014
International Paint, at Posidonia 2014 stand 4.110, has set up a ground-breaking new methodology for measuring hull performance management, in co-operation with the Gold Standard Foundation, and exchanging reductions in carbon for carbon credits, redeemable in cash.
The scheme, which relies on owners switching from traditional biocidal antifouling coatings to International’s latest slime-release coating, Intersleek 1100SR, exchanges tons of carbon saved – roughly 3.2 tonnes of carbon per tonne of bunker fuel burned. Each tonne of carbon dioxide equates to a single carbon credit. With the scheme, International Paint hopes to offer shipowners the chance to offset the cost of their coatings with cash from the carbon credits.
Unlike its biocidal counterparts, Intersleek 1100SR “slime release” does not release harmful compounds into the ocean, instead relying on a fluorpolymer composition which does not allow organisms to take hold, even at extremely low speeds – and sometimes, while static.
In order to qualify for the scheme, a shipowner must first provide data for one whole docking cycle before, and one after, the application of Intersleek 1100SR. The data is then passed along to an independent auditor at the Gold Standard Foundation, and the Foundation then issues the carbon credits.
Carbon credits were originally intended to incentivise businesses to lower their emissions of harmful carbon dioxide into the atmosphere. Each credit forms one financial unit of measurement whereby a reduction of one tonne of carbon is rewarded with a cash value. Like stocks and shares, carbon credits can be traded on the international market.
Although carbon credits have often been used to offset emissions from industries such as steel-making, this is the first time they have been used in the maritime industry. If successful, the move could pave the way for adoption by other technology companies in the maritime sector looking to get the edge in fuel efficiency offerings.