Marsoft Breakthrough Opens Door to Carbon Credits for Shipping
Boston – 4 November 2021 – Marsoft Inc. announced today that the Gold Standard – the preeminent global carbon registry – has accepted Marsoft’s GreenScreen-based methodology as the basis for issuing carbon credits for investments that reduce CO2 emissions from ships.
“We are very pleased that the Gold Standard carbon registry has recognized the reliability, speed, and cost effectiveness of Marsoft’s proprietary GreenScreen platform” said Arlie Sterling, President of Marsoft Inc. “The GreenScreen breakthrough eliminates barriers which until now have made it impractical for shipping to access the carbon credit markets. Marsoft’s industry-level solution enables shipowners to verify CO2 emission reductions within the current regulatory window and to take advantage of the rapidly growing markets in carbon credits to fund investments that reduce CO2 emissions.”
Strategic and Financial Logic
Retrofits reduce CO2 emissions now, and extend the trading life of the existing fleet, thereby delaying the need to make long lived, expensive, and risky newbuilding investment decisions while carbon-free fuels are not yet available. Green Screen and Gold Standard have just made it easy to reduce shipping’s carbon footprint now and in the future.
“Marsoft’s GreenScreen has helped us validate some of the key elements of our investment strategy” said Robert Burke, CEO of Ridgebury Tankers. “Our goal is for a change of vessel ownership to Ridgebury to be a positive event for the environment, and this process has allowed us to demonstrate and quantify some of that benefit. We believe that maximizing the useful trading life of the existing tanker fleet and reducing the need for newbuildings, particularly while no zero carbon fuels are commercially ready, is an important part of following the most efficient and economical pathway to a zero carbon future.”
“We believe that placing a value on carbon is key to reducing its use, and we appreciate Marsoft working with us to remove complexity and cost from the carbon credit process.”
Collaboration with MIT and the High Tide Foundation
Marsoft collaborated with the MIT Sea Grant Program Design Lab, under the leadership of Professor Chrys Chryssostomidis, to create the analytical foundation of its GreenScreen models. According to Dr. Hauke Kite-Powell, Marsoft’s GreenScreen Chief Technical Officer, “The MIT collaboration allowed us to take advantage of the best in naval architecture, tank testing, and software design. The rigorous, science-based foundation of the GreenScreen model was a critical factor in the Gold Standard’s positive assessment of our methodology.” The MIT Sea Grant Design Lab code supports accurate resistance, brake power, and fuel consumption calculations, and is incorporated into Marsoft’s GreenScreen to allow rapid assessment of fuel and emissions savings from a large range of energy saving investments.
Support from the High Tide Foundation helped establish the powerful analytics behind GreenScreen. “The mission of the High Tide Foundation is to have a significant, measurable impact on climate change mitigation and Marsoft’s GreenScreen program meets that goal” commented James Lawrence, director of the High Tide Foundation. “Shipowners can move fast with GreenScreen, and speed is essential for shipping to contribute to a global reduction in CO2 emissions.”
Marsoft’s engagement with Gold Standard to establish an approved amendment to the Retrofit Energy Efficiency Measures carbon credit methodology for shipping was supported by FReMCo, a leading consultancy in the carbon credit business. “We are pleased to have supported Marsoft’s strategy of delivering a robust approach for quantifying emission reductions and carbon credits for shipping. We were able to help translate the analytical data-driven approach of the Marsoft process into the rigorous requirements of the Gold Standard” said Alison Morris, Vice President of The FReMCo Group.
There are more than 10,000 vessels that can benefit now from retrofits and carbon credits. Evolving regulatory measures and climate policy changes are likely to shift the goal post for shipping and could shorten the window to qualify; owners should act now to ensure recognition of their emission saving investments.
About Marsoft
Established in 1984, Marsoft provides expert, objective, and timely support for investment, chartering and financing decisions. Our quantitative models and expert judgement have improved the quality of decision making for almost four decades. Marsoft decision support systems integrate data and analysis to enrich our client's decision-making process.
Marsoft is committed to working with the shipping industry to minimize CO2 emissions and support the UN Sustainable Development Goals while meeting all stakeholder requirements. Marsoft is a founding member of the Blue Sky Maritime Coalition, whose mission is to accelerate the decarbonization of North American waterborne trade.
Marsoft Inc. and GreenScreen are trademarks of Marsoft in the United States and globally. Ridgebury Tankers and Gold Standard may be trademarks of their respective owners.