Vitol Bunkers has launched Green Bunker Fuels – a carbon offsetting programme for customers wanting to mitigate their carbon emissions
Vitol Bunkers’ customers will be offered the opportunity to cancel emissions associated with any given cargo through the overlay of verified emissions reductions (VERs).
The VERs will conform to the highest international standards and will be sourced from Vitol’s existing portfolio and the wider market. Emissions will be calculated using IMO and EU guidelines.
Customers will be offered a range of offset options to enable them to align mitigation with their broader emissions reduction programme and a bespoke programme will be available for customers wishing to deploy this strategy at scale.
The move comes ahead of the European Commission’s expected proposals related to climate and energy policies this week.
Vitol Bunkers global account manager Chris Young said “Shipowners are keen to be part of the climate solution. Offsetting will be key to enhancing the sector’s environmental performance and we are delighted to combine our expertise in two core areas and launch this compelling offering.”
In addition to its existing customer base of container and tanker line giants, Vitol Bunkers is targeting the cruise ship segment and has ramped up volumes at its Singapore and Fujairah facilities in recent months.
Commodity giant Vitol launched Vitol Bunkers in May. Vitol’s Singapore marine fuels unit is listed as the city-state’s 10th largest bunker supplier by volume last year after Vitol took over Sinanju Tankers Holdings, while the 80,000 barrel per day Fujairah refinery in the UAE is a key producer of VLSFO in the Middle East.
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