Posted on: 10 December 2020
With the global commodities sector contributing 50% of global greenhouse gas emissions, it is a major culprit behind the climate emergency that we are facing.
Demand for shipping grew twice as quickly as fuel efficiency improved between 2012-2018, and with maritime transportation underpinning global trade and moving 90% of traded goods across the globe, skyrocketing emissions from the shipping industry show no sign of slowing down unless drastic measures are taken by both international regulatory bodies, as well as by individual corporations by their own initiative.
Now more than ever, companies of all sizes must integrate ESG policies into their operational and financial decision-making processes to aid the move towards a sustainable future.
As such, Pole Star has partnered with carbon accounting solutions provider, CarbonChain, to combine our technologies enabling the industry to access ESG-based compliance in a simple and streamlined manner.
With an increasing number of countries set to adopt stricter regulations around CO2 and greenhouse gas emissions, this partnership has come at just the right time.
With CarbonChain’s best-in-class GHG emissions calculation tool, companies can easily measure their GHG emissions, and incorporate this data into their financial reporting and sustainable trade finance programs.
By incorporating CarbonChain’s emissions calculations on over 76,000 vessels into PurpleTRAC, Pole Star’s regulatory technology system enables users to screen and track vessels and their associated ownership, management, sanctions exposures and emissions in seconds.
Simon Ring, Head of Financial Markets Compliance at Pole Star said: “Sustainable trade finance is becoming essential for many of our banking and trading clients and is something we at Pole Star are very keen to promote & support. The alliance with Carbon Chain will enable us to incorporate vessel carbon ratings and sustainable trade reports in conjunction with our market leading sanctions compliance technologies PurpleTRAC. This will enable clients to screen vessels for sanctions and sustainability in seconds on the same platform and the response from clients to date has been more than positive.”
Adam Hearne, CEO & Co-Founder, CarbonChain commented: “Robust ESG reporting for shipping fleets needs to become easier. CarbonChain has identified emission factors for a majority of the world’s vessels to help customers stay ahead of ESG requirements for the decades to come. The partnership with Pole Star brings two world leading organisations together. CarbonChain environmental performance data can now be delivered to existing users of Pole Star’s PurpleTRAC platform, meaning a single familiar interface for existing customers, and the option to extend their PurpleTRAC functionality to cover carbon emissions.”
