World News
Verra Releases New Methodology for Low-Carbon Marine Fuels
Non-profit carbon standards organisation Verra has released a new methodology aimed at supporting the use of low-carbon marine fuels in shipping.
It allows emissions reductions from vessels using fuels such as green hydrogen, green ammonia, e-methanol, e-LNG, e-LPG and e-diesel to be independently measured and verified, Verra said in a statement on its website on June 16.
The methodology, known as VM0053 Alternative Low-Carbon Fuels for Shipping, is intended to support projects that replace conventional marine fuels with lower-carbon alternatives.
By enabling the generation of carbon credits, it could provide shipowners and fuel suppliers with an additional source of revenue to help offset the higher cost of these fuels.
The framework can be used by both new and existing vessels operating in coastal waters or on international routes.
The methodology was developed by Iino Kaiun Kaisha, Grütter Consulting and Verra, and was subject to public consultation last year.
Founded in 2007, Verra develops and manages climate and sustainability standards aimed at supporting environmental markets and emissions-reduction projects worldwide.
The methodology can be viewed from here.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 963.00 | 26.00 | 1351.50 | 10.50 |
| Rotterdam | 766.00 | 3.00 | 1446.00 | 11.50 |
| Houston | 817.00 | 11.50 | 1421.00 | 1.00 |
| Fujairah | 981.00 | 12.00 | 1768.50 | 17.50 |
| Global 20 Ports Average | 929.50 | 10.50 | 1565.00 | 13.00 |
| Global 4 Ports Average | 882.00 | 13.50 | 1496.50 | 9.50 |
| Global Average Bunker Price | 978.50 | 20.00 | 1616.50 | 18.50 |
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