Titan is one of the largest providers of LNG as a marine fuel in Northwest Europe. Image Credit: Titan
LNG bunker supplier Titan is working with blockchain-based carbon insetting platform 123Carbon to develop a carbon insetting market related to the use of LNG as a marine fuel.
Under the partnership 123Carbon will issue Titan with transferrable insets related to its use of LNG as a marine fuel in its fleet, Titan said in a statement on its website on Thursday
These tokens will then be tradeable, allowing for other companies to buy emissions allowances based on the GHG reduction achieved through the use of LNG.
"Titan is actively engaging carriers with an LNG-fleet to tokenise their activities and scale this solution across the market," the company said in the statement.
"It is also in active discussions with shippers that are seeking high quality and affordable insets that provide transparency and integrity."
LNG for now remains the dominant alternative bunker fuel, with several hundred ships now using it as fuel. The main challenge facing the LNG bunker industry now is the scaling-up of greener bio- and synthetic LNG production to meet the needs of shipowners seeking to cut the GHG emissions of their gas-powered tonnage.