Global bunker trading firm ENGINE X has been certified by the renowned International Sustainability and Carbon Certification (ISCC) system to trade sustainable biofuels.
The maritime industry is in the early days of a major decarbonisation effort, and when shipowners burn lower-carbon fuels they need to prove to regulators that these do indeed have lower emissions than full fossil ones.
A way to prove that a ship has been running on a more sustainable fuel is to show a Proof of Sustainability (PoS) to a verifier. A PoS must be issued by ISCC-certified (or cross-compliant) companies throughout the supply chain to keep it intact. Otherwise, the chain is broken, and emission reductions cannot be verified.
“ENGINE X is now all set to offer sustainable biofuels with Proof of Sustainability that our customers can show to verifiers to prove their emission reductions. This will be massively important for shipowners in the years and decades ahead, as the industry goes greener. We have mapped out dozens of bunker suppliers selling sustainable biofuels in ports around the world, to help clients identify trustworthy and legitimate sources for biofuel bunkering,” ENGINE X Supply Manager Sid Mishra says.
Make your compliance count
2024 marks the first year that ship emissions will be taxed in the EU. The least laborious way to rein in emissions and pay less for them is to burn sustainable biofuels, which qualify for a carbon factor of zero in the EU. This means that shipowners don’t have to pay to burn them.
But if you can’t prove that a biofuel is sustainable, you will have to pay full oil-emission price for it. It’s a question of cost-savings. Shipowners that opt to buy more expensive biofuels need to be able to prove to regulators that these fuels are actually sustainable, so that their decarbonisation efforts count towards their compliance record.
Source Engine X