Carbon credits underpin efficiency device retrofit project

The project will see Njord and maritime consulting firm Marsoft collaborate in the selection and verification of fuel-saving technologies for Greenheart, a subsidiary of Hayfin Capital Management. 

As part of the partnership, Njord will design a bespoke package of fuel-saving technologies on, initially, four Greenheart-owned vessels, to achieve fuel and emission cuts of between seven and 16 per cent per vessel. Marsoft will quantify and certify the CO2 savings through carbon credits, ensuring Greenheart will optimise the financial value of the fuel savings. 

Each of the four vessels will be screened to identify their fuel-saving potential. A custom-designed package of energy-saving devices for each vessel, selecting from a portfolio of more than 20 technologies will be developed.

The collaboration is seen as an elegant solution to the problem of financing energy efficiency devices. “Despite the many environmental and financial advantages of installing energy-saving devices, the investment can still be difficult for owners to finance,” says Frederik Pind, Managing Director at Njord.

“We help owners overcome that financing barrier by making the business case more attractive. We do that through our holistic approach of combining several technologies and representing a neutral opinion in the decision making. In a first-of-its-kind collaboration, we are introducing a new financing vehicle, which we believe will accelerate technology adoption and emission cuts.”

Marsoft’s GreenScreen program complements Njord’s design approach by accurately assessing the emission reductions from the retrofits – a requirement to enrol the ships in a Gold Standard program. Marsoft’s collaboration with ClimeCo, a leader in the carbon markets, secures premium pricing for Greenheart’s carbon credits in the voluntary carbon markets.

“The industry is beginning to see the real value of the carbon markets to accelerate the pace of decarbonisation today,” says Arlie Sterling, President of Marsoft Inc. “We help secure an audited and documented statement of reduced CO2 emissions that delivers incremental revenue and return on investment.”

The partnership has commenced, with Njord currently screening the vessels to identify the most suitable technologies.