Listed dry bulk company Pacific Basin has followed another Hong Kong line in pursuing a local carbon credit scheme.
Pacific Basin is to offset all carbon emissions from its global shore-side operations, including all office activities, commuting and business and crew travel. The carbon credit scheme will also be offered to clients.
To facilitate these carbon offsets, Pacific Basin has partnered with CLP Innovation Enterprises Limited, a wholly-owned subsidiary of Hong Kong-headquartered power company CLP Holdings Limited (CLP), which is supplying Pacific Basin’s carbon emissions offset programme with carbon credits derived from CLP’s wind farms in India.
Such an arrangement is similar to carbon offsetting that airlines offer to their passengers
Mats Berglund, CEO of Pacific Basin, said: “In addition to pledging net zero-carbon emissions from our global shore-side operations, we will offer our cargo customers the opportunity to voluntarily purchase carbon credits to offset carbon emissions from the transportation of their cargoes on Pacific Basin vessels starting in 2021. Such an arrangement is similar to carbon offsetting that airlines offer to their passengers. As commodity producers, traders and end users become increasingly interested in mitigating the environmental footprint of their activities, they are also likely to become more interested in offsetting emissions from the transportation of their products.”
Splash reported last month on the news of another Hong Kong bulk shipping operator, Wah Kwong, entering a similar deal with CLP.
Wah Kwong is purchasing carbon credits from CLP to offset the carbon emissions of its business and the fuel it purchases for its fleet. Additionally, the MOU with Wah Kwong will enable the two parties to develop new service offerings using CLP’s carbon credits to meet the potential needs of other shipping companies.
“By having our friends here from the shipping industry, we will send a strong signal to other stakeholders in the industry to also join onboard on this push towards a more sustainable future,” Hing Chao, executive chairman of Wah Kwong, said last month.