Two New Emission Reduction Methodologies for Shipping Released

Gold Standard has announced the release of two new methodologies aimed at reducing the environmental impact of shipping operations. The methodologies "Methodology for Reducing Methane Emissions from Combustion Engine Exhaust" and "Methodology for Marine Fuels and Bio Bunkers", represent significant advancements in the pursuit of cleaner and more sustainable shipping practices.

The two new methodologies now available for use by any project developer will help to reduce the impact of global shipping which although vital for global trade, accounts for approximately 3% of global greenhouse gas emissions.

Margaret Kim, Gold Standard CEO, said:

"These new methodologies provide tangible incentives for the maritime sector, vital for world trade, to invest in green technologies and operations. I congratulate our partners on these milestones and look forward to seeing these methodologies help to reduce emissions."

The new methodologies complement Gold Standard’s suite of existing strategies to enhance shipping sustainability, which include a 'Retrofit Energy Efficiency Measures in Shipping' methodology, which focuses on upgrading ships to improve their energy efficiency, and the 'Methodology for Emission Reduction by Shore-side or Offshore Electricity Supply System' which promotes using grid electricity and renewable energy when ships are at port or working offshore. Taken together these methodologies help to chart a course for a cleaner, more sustainable shipping industry.

The “Methodology for Marine Fuels and Bio Bunkers”, developed by Alcom, aims to promote the use of alternative fuels that are less harmful to the environment. This methodology outlines best practices for the adoption and use of bio bunkers and other sustainable marine fuels, reducing the reliance on traditional fossil fuels. By encouraging the use of biofuels derived from waste materials like used cooking oil, it supports significant greenhouse gas (GHG) emissions reductions.

Prateek Tiwari, Alcom CEO said:

“Decarbonising hard to abate sectors like shipping can not be achieved only by relying on government subsidies or by imposing strict penalties as this often leads to stakeholders finding loopholes, thereby defeating the purpose of the system.

We are very pleased to announce that Alcom and Gold Standard have jointly developed a methodology for high quality marine biobunker credits. This addresses the elephant in the room for vessel owners: who pays the “green premium” for low carbon fuels. Our methodology strictly follows rules around sustainability and traceability and covers the entire chain of emissions from “well to wake”.  This methodology is expected to revolutionise decarbonisation of shipping industry as credits can be generated and monetised globally, while running in conjunction with prevailing marine rules like Fuel EU Maritime / IMO to avoid double counting. To provide full transparency, price discovery will be carried out by leading price reporting agencies and the credits can be traded on leading carbon exchanges.”

The "Methodology for Reducing Methane Emissions from Combustion Engine Exhaust", developed in partnership with Daphne Technology and The FReMCo Group, aims to tackle methane emissions, a potent greenhouse gas. It encourages the use of equipment that reduces the amount of methane that escapes unburned from both marine and stationary land-based internal combustion engines using natural gas or other methane rich fuel (including those derived from renewable sources. The methodology mandates high-accuracy, real-time measurement before and after the abatement system to ensure robust monitoring and verification emission reductions. The methodology is designed for use on both maritime and stationary land-based internal combustion engines, maximising its potential impact.

Dr. Mario Michan, CEO and Founder of Daphne Technology said:

"We are thrilled to lead the way in methane emission reduction with this innovative methodology. Methane is a major contributor to global warming, and our approach not only curbs these emissions but also supports industries in their transition to more sustainable practices. As a climate deep-tech leader, it's natural for us to take a lead in this direction, securing strategies for a better future."

Alison Morris, Vice President of FReMCo said:

“We are very happy to see this leading-edge methodology approved by Gold Standard, which tackles the timely and important issue of methane emissions.  Working with Daphne was an excellent experience, and their passion and knowledge in this area is untouched.  We anticipate that the projects and carbon credits that follow this approval will be unique and valuable in the voluntary carbon market.”

To see the full details of these methodologies please access them via the button below.