Norway’s G2 Ocean launches biofuel insetting pilot

Norwegian vessel operator G2 Ocean has launched a biofuel insetting programme open to any company reporting supply chain emissions.

IMAGE: G2 Ocean-owned cargo vessel, Star Java. G2 Ocean

Under the programme, G2 Ocean will bunker some of its vessels with biofuel blends and allocate credits equivalent to the resulting greenhouse gas (GHG) emissions reductions from those voyages to cargo owners and transport buyers through a book-and-claim model.

Companies can use these credits to reduce their Scope 3 emissions across its supply chain.

G2 Ocean said that the service is not restricted to its customers and that any company reporting Scope 3 supply chain emissions can purchase the emission reduction credits.

The book-and-claim model also allows companies transporting cargo on fossil-fuelled vessels to claim emissions reductions.

“The revenue will be reinvested in new biofuel voyages, helping create a cost-sharing model for biofuel and narrowing the gap between biofuel and regular [conventional] fuel,” the firm added.

By Konica Bhatt

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