Equatorial Marine Fuel conducts carbon credit trial with Carbon Management Solutions
Singapore bunker supplier Equatorial Marine Fuel Management Services (EMF) in late June completed a carbon credit transaction with commodities decarbonisation platform Carbon Management Solutions (CMS).
The purchase, conducted through a collaboration between CMS and carbon credit exchange Xpansiv, was for ‘lower carbon’ marine fuel oil.
Bunker fuel from this transaction will be utilised by EMF to partially offset clients’ vessel emissions.
“Accountability has always been an issue of contention amidst the green agenda, we at EMF are glad to be partners with CMS in this elegant approach,” said EMF Executive Director, Choong Zhen Mao.
“There has been a growing trend to explore multi prong solutions to navigate the green agenda. On this front, we seek to further enable our clients and hope to provide more optionality to our customers.”
Both EMF and CMS plan to continue this partnership, with a vision of offering decarbonisation as an optional service for clients, thereby allowing them to select their preferred level of decarbonisation.
This initiative continues to have the support of the Monetary Authority of Singapore (MAS) as part of Project Greenprint, which seeks to harness technology and data to create a more transparent, trusted, and efficient ESG ecosystem.
CMS has earlier completed a similar successful pilot transaction with Chevron Singapore.
“We are excited to continue driving the transition towards a lower carbon commodities industry with this second transaction,” said Anthony Bennett, COO of CMS.
“We’re committed to offering innovative solutions that contribute to a sustainable future. This partnership with EMF is another step in that direction.”
In 2022 Equatorial was ranked by the Maritime and Port Authority of Singapore (MPA) as the largest bunker supplier by volume in Singapore.