GHG Emissions Rating
In response to growing trend of global CO2 emissions and customer demand, in 2011 RightShip developed a systematic and transparent means of comparing the relative efficiency of the world’s shipping fleet.
The Greenhouse Gas (GHG) Emissions Rating is an easy-to-use tool containing information on over 76,000 ocean going vessels. The GHG Rating is publically accessible via www.shippingefficiency.org, or the enhanced version is available through RightShip’s online vetting platform.
Rather than adopting a ‘one size fits all’ approach, the GHG Rating compares a ship’s theoretical CO2 emissions relative to peer vessels of a similar size and type using an easy to interpret A - G scale.
Addressing market barriers relating to energy efficiency in the maritime sector the GHG Rating compares existing ships with new builds – something that hasn't been easily achievable in the past – enabling greater transparency.
Along with increasing transparency of energy efficiency, the key benefits of the GHG Rating include:
- assist the maritime industry transition to a low carbon economy through informed selection of more efficient ships,
- benchmark and track emissions per journey and over time – ability to develop a baseline of emissions and an overall carbon-emissions target,
- charterers can identify more efficient vessels and in-turn reduce their bunker bills,
- shipowners can benchmark their vessels against peer vessels to demonstrate the benefits of investing in efficiency,
- financial institutions can reduce their risk by investing in efficient vessels ensuring a greater return on investment over the life of the asset, and
- ports can reward efficient vessels through port incentive programs – reducing CO2 emissions and other criteria pollutants in port, and for the entire journey.
The rating is increasingly being used by charterers, shipowners, financial institutions, and is also gaining momentum as an evaluation tool in various port incentive programs.
As of April 2016:
- 39 charterers representing 20% of global trade, factor energy efficiency into their decision-making through RightShip’s GHG Emissions Rating. This accounts for 2.05 billion tonnes of cargo or approximately 26,000 annual vessel movements.
- 12 shipowners utilise the GHG rating to demonstrate the benefits of investing in efficiency,
- Various banks, insurers and ports and terminals also use the GHG Rating in their business processes.