Bunker Holding Launches Carbon Insetting

by Ship & Bunker News Team
Thursday May 16, 2024

Marine fuels group Bunker Holding has launched a carbon insetting service.

The firm has completed its first blockchain-enabled carbon insetting operation in partnership with 123Carbon and Bureau Veritas, it said in an emailed statement on Thursday.

The company connected a cargo owner seeking to pay to reduce their scope 3 emissions with a ship operator running its ship on biofuel and a supplier delivering the fuel.

"As a group, we are operationalising our decarbonisation strategy, and one key component has been to develop our alternative marine fuel supply capabilities, among others by securing fully certified biofuel availability in more than 100 ports around the world," Valerie Ahrens, senior director of new fuels and carbon markets at Bunker Holding, said in the statement.

"The relative higher cost of alternative fuels may still prevent carriers to bunker it.

"However, carbon insetting helps bridge that gap, as it enables cost sharing and also sends an important demand signal to alternative fuel producers to scale up production."