Hong Kong shipowner Wah Kwong Maritime Transport is teaming up with utility CLP Group to promote carbon offsetting for shipping.
Wah Kwong said it had a signed a memorandum of understanding with the Hong Kong power company's CLP Innovation Enterprises unit to help raise awareness of decarbonisation in shipping.
As part of the agreement, Wah Kwong will buy carbon credits from CLP to offset the emissions of its business and the fuel it purchases for its fleet.
In addition, the deal will enable the two parties to develop new offerings using CLP’s carbon credits to meet the potential needs of other shipowners to offset emissions and lower their carbon footprint.
"CLP is excited to collaborate with Wah Kwong, one of the most prominent and forward-looking shipping companies in Hong Kong, to work towards a lower-carbon future for the maritime industry," said Betty Yuen, group director and vice chairman of CLP Power Hong Kong.
"As an early mover on carbon intensity reductions in Asia’s power industry, CLP is continuing to explore creative ways to use our know-how and resources, such as the CLP Carbon Credits platform to decarbonise not only the electricity sector but also the wider economy."
The platform allows users anywhere in the world to calculate their carbon emissions and buy credits generated by CLP's wind farms in India.
"Sustainability is something we very much take to heart,” said Hing Chao, chairman of Wah Kwong.
Just the start
"I am very glad that CLP has been here to give us guidance on taking this step. For us, this is merely the beginning. By having our friends here from the shipping industry, we will send a strong signal to other stakeholders in the industry to also join ... on this push towards a more sustainable future."
Wah Kwong owns 23 tankers and bulkers, including VLCCs and capesizes, plus two kamsarmax newbuildings. It controls 50 ships in total, including gas carriers.
CLP Group is one of the largest investor-owned power businesses in the Asia-Pacific region. Its diversified portfolio of generating assets uses a wide range of fuels, including coal, gas, nuclear and renewables.
Wah Kwong also announced the promotion of 140 deck officers and engineers, including masters and chief engineers, from training company Wah Kwong Seafarers.
The company plans to expand the fleet to 64 ships within the next nine months, it said.
"The chairman is pleased to recognise the company’s senior officer talents who stay committed to Wah Kwong, and Wah Kwong will also continue our relentless effort in nurturing maritime talents," Wah Kwong said.
