As a ship owner, there are huge advantages to being able to measure your actual carbon impact, rather than relying on estimates. Here are six of them:
1. Measuring carbon guarantees an accurate result …
Today’s carbon estimation methods are highly imprecise. Currently, estimates on the carbon emissions produced by shipping are calculated using multiple calculation tools, based on assumptions such as emissions factors. This approach lacks reliability and accuracy, and creates discrepancies. As an illustration, Vespucci Maritime simulated the GHG emissions of a cargo using the same vessel and the same route with four different carriers. The results were extremely inconsistent, with a three-fold difference between the highest and the lowest estimate.
In contrast, taking a real-time measurement approach to your emissions - the Everimpact system - takes out all that guesswork.
2. …and it’s more cost-effective
Traditional emissions calculations and reporting methods are highly manual, complex and time consuming, with a typical ship owner requiring one or two full-time employees to do the work. This makes it an expensive process, costing the business up to $100k per year.
Whereas measurement can be a mostly-hands off, automated process based around an easy-to-use software platform, with a fraction of the operational costs associated with emissions calculations.
3. Paying the correct amount of carbon tax could save millions
The incoming carbon tax means all ships sailing in European waters, or sailing to or from Europe, must pay for their carbon emissions from next year. If your ship’s actual emissions are lower than your estimated emissions - and you’re able to prove that with certified data taken from real-time measurements - as a ship owner, you will be able to greatly reduce your tax liability
Our working assumption is that measured carbon emissions could be around 10% lower than estimates would be. And this 10% represents substantial savings in carbon tax payments. Our shipping emissions measurement early adopter program is intended to test this hypothesis, in order to prove the major tax benefits of measured emissions.
4. Emissions monitoring can now happen onboard vessels
At Everimpact, we are developing a new solution to provide precise measurement of GHG emissions from directly onboard each vessel. This innovation will allow ship owners to accurately track and report their vessel’s emissions (including CO2, CO, H2O, NO, NO2, CH4 and SO2) in real time. Our early adopter program is currently installing GHG measurement systems onboard commercial vessels to carry out testing.
5. Precise monitoring and reporting can give your decarbonization plans a boost
The Everimpact system means you can monitor GHG emissions as they occur, easily identify reduction opportunities, and instantly track the progress of your decarbonization program. Flexible automated reporting in real time makes it easier to reduce your operational costs and comply with regulation.
6. Offering verified scope 3 emissions data is a key differentiator
Your clients are already looking to decarbonize their supply chain. Switching to a measurement approach means you’ll be able to offer them verified scope 3 emissions data, proving your ships’ lower emissions. In a world of untrustworthy emissions claims and greenwashing, that’s a useful competitive advantage.