Ship Owners are due to be awarded $500,000 from Carbon Credit Claims

Two ship owners are due to be awarded a combined total of almost $500,000 when the first claims resulting from a carbon credits methodology developed by AkzoNobel and The Gold Standard Foundation are finalized next year.

The program, launched in April, allows ships to generate income in the form of carbon credits, which are earned by reducing CO2 emissions. A total of 17 vessels feature in the first two claims, while 50 additional vessels are expected to join by the end of the year.

The methodology is based on ship owners converting existing vessels from a biocidal antifouling system to a biocide-free advanced hull coating such as Intersleek, part of AkzoNobel’s International marine coatings product line.

The company estimates there’s about $2.8 million worth of carbon credits potentially available to ship owners and operators, based on the 100 eligible ships that have already switched from a a biocidal antifouling to Intersleek.

As well as being able to sell the carbon credits, the program also offers ship owners the option of passing them on to other stakeholders, such as cargo owners, to offset their emissions. They can alternatively be used to voluntarily offset other sources of CO2 emissions.