What is Carbon Accounting?
RightShip provides a platform for charterers, ship owners and banks to account for the GHG emissions along their supply chain and deliver solutions for reducing emissions where required.
The Carbon Accounting tool factors in the GHG emissions associated with transportation of goods. To do this, we utilise voyage data and our unique vessel specific database to generate a clear picture of the emissions performance of a specific vessel, voyage, cargo type or location over a specific time.
Scope 3 emissions often represent the largest source of a company's GHG emissions, and in some cases can account for up to 90% of the total carbon impact. As such, the pressure on shippers to address the GHG emissions associated with shipping activities continues to increase. But RightShip’s Carbon Accounting tool makes it easy for a company to understand the emissions associated with their supply chain as well as to develop reduction strategies.
With this tool in place, you can understand baseline emissions, set reduction targets and measure your progress. In turn, you’re able to reduce the emissions within your supply chain and your environmental impact.
How our customers use Carbon Accounting
In 2021 RightShip moved and updated version of its Carbon Accounting tool into its digital Platform to enhance the availability of sustainability data as part of its due diligence service.
Calls for enhanced transparency across the maritime industry have motivated RightShip to enhance its Carbon Accountability usability and reporting, putting the customer in control of their sustainability due diligence.
Prior to this, RightShip’s Carbon Accounting tool has been used separately to the Platform, Safety Score and Vetting services, but it is now integrated into the ecosystem in order to give customers the complete view of their due diligence picture in one location.
Platform-based Carbon Accounting helps customers to:
- Gain greater access to data, reporting and transparency
- Use Carbon Accounting within our Platform which means you get all the GHG Rating, vessel vetting and inspections data in one place
- Use goal tracking to meet your targets, aligned with IMO2030 and IMO2050 regulations
- Company Emissions reports are generated in-Platform, making it easier to showcase your progress to zero emissions for internal as well as external stakeholder reporting
The analytics, including graphs providing an overview to a charterer’s emission profile by ship types, cargoes, individual voyages, routes and loading and discharging locations. With this information, customers can make iterative improvements to their emissions profile.
Why reducing maritime emissions matters
The International Maritime Organisation (IMO) has set a strategy to reduce GHG shipping emissions by 50 per cent by 2050. However, we are experiencing the market move towards a low-carbon environment much faster.
Increasingly, we are seeing a strong demand from charterers and banks to deliver services with transparent GHG emissions reporting and management.
The benefits of Carbon Accounting are environmental, and business driven. First, a commitment to a reduction in carbon emissions helps us work towards a shared industry sustainability goal. Second, it enables charterers to meet shareholder expectations and manage public perception.
Having a clear emissions reduction road map, delivered through Carbon Accounting, provides a competitive edge.