Weathernews launches carbon monitoring service – planning carbon trading platform

The new Carbon Monitoring Intensity (CMI) service collects all required data via interactive reporting tools and provides ‘multi-layered data verification’ for the calculation of a vessel’s Energy Efficiency Operational Indicator (EEOI) and CO2 emissions

‘Aligning shipping and chartering activities to be environmentally responsible is the ultimate goal of CIM, through measuring and reporting CO2 emissions from berth to berth, including the voyage legs under spot chartering,’ says Weathernews Americas CEO Antonio Brizzo.

The Carbon Intensity Monitoring (CIM) service’s automatic process to obtain a clean dataset is said to reduce the burden on operators. ‘We estimate this can save crews around 30 minutes per day, equivalent to 25 man-hours across a fleet of 50 vessels,’ says Brizzo.

CIM can also be integrated with Weathernews’s proprietary Optimum Ship Routeing (OSR) service to optimise voyage fuel consumption.

 CIM stores emissions data in a secure environment. Built using a proprietary distributed ledger database, the back end will be based on blockchain to ensure traceability and transparency. According to the company, ‘This will allow the market to freely trace the exact amount and location of emissions from a single ship, a particular trade route, or the carbon intensity efficiency of a particular ship by means of its EEOI.’

CIM is fully compliant with the technical guidance outlined in the Sea Cargo Charter, a global framework for aligning chartering activities with responsible environmental behaviour to promote the decarbonisation of international shipping.

Looking ahead, Weathernews is aiming to launch a a cap-and-trade digital marketplace for carbon credit offsetting.

‘Charterers and owners want to achieve environmental targets but also ensure the investments they make will generate a financial return,’ says Brizzo. Called Marine Carbon Blocking (MCB), this proprietary trading system also leverages blockchain and will allow users to convert CO2 reduction efforts in environmental assets for exchange.

Weathernew says it is intended that the platform will initially be used by companies with a common interest in reducing CO2 emissions and ‘a willingness to collaborate in a closed group’.

The MCB will not be limited to shipping: the ultimate objective is to make it available to the many carbon offsetting schemes in the market, including the EU’s Emissions Trading System.

According to Brizzo, Weathernews is now working with its partners to go live with this initiative in 2021.

Lesley Bankes-Hughes

Lesley Bankes-Hughes

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