Energy trader Vitol said it has launched a new product named “Green LNG” for its liquefied natural gas customers looking to mitigate carbon emissions.
The Geneva-based firm aims to offer all of its LNG customers the opportunity of converting cargoes to “Green LNG” through offsets.
This means offsetting all emissions associated with the cargo, from wellhead to DES delivery, through the cancellation of verified emissions reductions (VERs).
VERs represent carbon offset certificates. Several authorities such as UN Clean Development Mechanism, Verified Carbon Standard, and Gold Standard issue and verify these certificates, according to Vitol.
These also include American Carbon Registry, China Green House Gas Voluntary Emission Reduction Programme or Climate Action Reserve, it said.
Furthermore, Wood Mackenzie would calculate the emissions via its LNG Emissions Tool, which estimates carbon emissions from wellhead to market, Vitol said.
The firm added that it would source VERs from its existing portfolio and the wider market.