Carbon offsetting is one way for the shipping industry to reduce net emissions in the short term. File Image / Pixabay
A unit of commodity trading firm Hartree Partners has helped shipping company Tankers International set up a carbon offsetting service.
Vertree Partners Limited has partnered with Tankers International to give the firm more data on the carbon footprint of its pool and offer its customers the ability to offset emissions, the companies said in an emailed statement on Thursday.
"The process is not onerous," the companies said in the statement.
"Vertree uses scientifically recognised methodologies and proprietary data to calculate an emissions baseline on a per voyage, monthly or annual basis.
"Customers can then choose from a range of nature-based options to compensate the carbon footprint, tailored to price, geographies and impact targets."
The offsets are all for projects verified and certified by third parties including the Verified Carbon Standard, Architecture for REDD+ Transactions, Gold Standard and Climate, Community and Biodiversity Standard. The projects include one on afforestation in Uruguay and one on avoiding deforestation in Cambodia.
Hartree has a heavy involvement in both the shipping and bunker industries, and is seeking to expand further. Last year it announced the launch of its bunker unit, Hartree Marine Fuels, which provides marine fuels and related services worldwide.
Hartree and its parent firm were also one of the leading contenders to buy Aegean Marine Petroleum in 2018 before its eventual acquisition by Mercuria Group.