PRESS RELEASE: By marrying a carbon offset programme with its proprietary solution for measuring scope 3 emissions, RightShip, in partnership with CBL Markets, has assisted global diversified chemicals manufacturer Incitec Pivot Limited (IPL) to operate its shipping requirements as a carbon neutral activity.
In the past, measuring emissions from the shipping activities of a major charterer was often difficult, however RightShip’s robust and verifiable Carbon Accounting tool was launched in 2016 to address an increasing demand from large users of ocean transport to measure their ship-sourced (or scope 3) emissions. An early adopter of the tool, IPL now uses the RightShip method to measure emissions from the activities of the 200 vessels it charters each year.
Having delivered a measurement solution, RightShip now offers charterers the ability to offset their carbon emissions by purchasing voluntary carbon credits from CBL Markets, who operate a leading spot exchange for carbon offsets and other environmental commodities. Taking up this initiative, IPL has successfully offset approximately 73,000 tonnes of CO2 for each of the financial years 2016-17 and 2017-18 to make its shipping activities carbon neutral.
Martin Gleeson, National Shipping & Chartering Manager at Incitec Pivot Limited said “A key element of IPL’s Sustainability Agenda is around working with our suppliers to reduce the impact on the community and environment. Working with RightShip, we have been able to take proactive measures to quantify, manage and even offset carbon emissions from our shipping and chartering operations. This not only has significant environmental benefits, it is also enabling us to positively influence action on climate change in the maritime industry”.
CBL Markets, as a leading spot exchange for carbon offsets, is pleased to facilitate the carbon offsetting process between both IPL and RightShip. Commenting on this partnership, Ben Stuart, Managing Director Australia at CBL Markets said: “We are very excited to be working with Incitec Pivot Limited and RightShip, supporting them to play a leading role in sustainable shipping operations by taking voluntary action to reduce their emissions and environmental impact. It’s a positive step towards business sustainability for the broader shipping industry.”
Based on its Greenhouse Gas (GHG) Emissions Rating and compliant with EU standard EN 16258, the development of RightShip’s Carbon Accounting tool was part of an ongoing global drive for companies with a focus on environmental sustainability to accurately measure, monitor and manage total emissions relating to their business activities.
Kris Fumberger, Sustainability Manager, RightShip said: “More and more blue-chip companies want to measure their ship sourced emissions and our verified carbon accounting process allows charterers to achieve this simply and cheaply. The offsetting of almost 150,000 tonnes of carbon dioxide by IPL demonstrates real industry leadership and is a significant step towards the reduction of overall shipping emissions, and the creation of a safer and more sustainable industry”.
Through the carbon offsetting programme IPL is supporting two verified carbon projects in China which support renewable energy generation and more efficient energy generation via natural gas. These projects have a direct link to a region where IPL’s shipping operations have an environmental impact.