Titan, 123Carbon partner on carbon insetting
SUMMARY
They have issued the first-ever LNG-based carbon insets for the maritime sector. [Image: Titan]
By Shardul SharmaTitan and 123Carbon, two players in the realm of clean fuel supply and blockchain-based carbon offsetting, have jointly issued the first-ever LNG-based carbon insets for the maritime sector, Titan announced on August 24.
This partnership seeks to facilitate the transfer of environmental advantages from cleaner, lower carbon intensity fuels to various stakeholders operating within the maritime value chain.
Carbon insetting is an approach that empowers carriers to share the positive impact of their low carbon endeavours with freight forwarders and shippers worldwide.
Central to this initiative are the requirements set forth by the Smart Freight Centre (SFC), a Netherlands-based non-governmental organisation. With its Book & Claim methodology, the SFC has established a framework encompassing aspects like calculation standards, additionality assessment, allocation strategies, and transparent reporting for carbon insetting.
This development utilises blockchain technology through 123Carbon's platform. This system empowers 123Carbon to issue immutable and transferable carbon insets to Titan. The resulting tokens are detailed, encapsulating essential information about the emissions reduction project, including factors influencing emissions, measures taken to mitigate risks, and external validation – ensuring transparency in the market.
123Carbon also partners with AllChiefs and Verifavia and will provide Titan with a standardised implementation process and assurance protocol.
This announcement also highlights a tailored approach devised by Titan, 123Carbon, and AllChiefs to cater to (bio-)LNG ship operators. According to Titan, this approach guarantees the generation of fully additional LNG-insets. Notably, these insets are not derived from localized incentives, which safeguards against concerns of double counting or claims of reductions, Titan added.
