Swedish tanker operator Furetank has announced that with its new Vinga vessel series the company has more than halved CO2 emissions and through using certified carbon credits this can be reduced to zero.
Through an optimised ship design and LBG/LNG propulsion, Furetank’s new Vinga series has reached a 55% reduction of CO2 emissions compared to the previous generation of vessels. The goal is to reach zero by running the vessels entirely on renewable, liquid biogas, but today the supply of that fuel is insufficient.
“I feel great about halving the emissions from the new ships, we have done everything we possibly could to limit our climate footprint. But we don’t want to settle there. To show that we are serious in our ambitions and push forward even further, we turn to climate compensation,” said Lars Höglund, CEO of Furetank.
The company has compensated all remaining emissions from the four Vinga vessels for the entire year of 2021. The method used is carbon offsetting by purchasing an amount of certified carbon credits. The credits are certified through Gold Standard, an acknowledged climate compensation registry, approved by the WWF and other organisations. They validate and transfer funding to renewable energy projects worldwide, accelerating the global transition away from a fossil-based economy.
Furetank worked with STX Commodities, a trading firm in environmental commodities. Suad Januzzi, sales trader at STX in Gothenburg, stated that some emissions are unavoidable for most companies today, and that climate change is a global problem. Where on the map a tonne of carbon dioxide is reduced or emitted is in fact irrelevant: it is our total impact that counts.
He finds that for leading companies, carbon compensation is a small part of the overall climate strategy. “There is a saying: ‘Do your very best, offset the rest’. After making every effort to reduce your own emissions, purchasing carbon credits is a way to take accountability for your remaining impact. At the same time, you strengthen the global system that puts a price on CO2 emissions and benefits the UN sustainable development goals, said Januzzi. “We are proud to work with true leaders in the field like Furetank. They have already come further than most by switching fuels. This compensation doesn’t remove remaining emissions, but everyone needs to set up a strategy and start from where they stand”.
For Furetank, supporting production of biogas and solar power through carbon credits is not a final destination but a good step on the way. Meanwhile they continue to work on reducing their own emissions all the way down to zero, with lots of new progress to be revealed during 2022. “I feel great about this compensation, I am certain that it makes a difference. We believe it is the right way to go: to help others do the best thing alongside our own efforts,” concluded Höglund.