Furetank, a Swedish tanker shipping company, has established a new firm to trade emission reductions, emphasizing biogas use. This move aligns with the FuelEU Maritime regulation, which aims to significantly cut shipping greenhouse gases. The regulation, effective from the start of 2023, requires EU vessels to reduce emissions steadily, reaching an 80% cut by 2050.
The regulation introduces pathways such as renewable fuels and trading surplus emission reductions to meet targets. Notably, Furetank’s Vinga series of dual-fuel tankers can operate on liquefied methane, facilitating a transition to biofuels and biogas without technical modifications. This positions the company ahead of upcoming EU requirements through early adoption of climate-friendly technology.
Furthermore, Furetank has secured large biomethane contracts to power its EU vessels throughout 2025. These contracts enable the company to trade surplus emission reductions effectively. Viktoria Höglund, CEO of the new subsidiary CO2mpliance, highlighted their readiness to manage compliance and trading activities.
CO2mpliance aims to serve other shipping companies by managing emission trading, whether for surplus sellers or buyers needing to meet reduction targets swiftly. This new entity seeks to streamline the market created by the regulation’s requirements.
Höglund explained that Furetank’s proactive approach is rooted in a long-standing strategy of industry innovation. Since the 1980s, the company has invested in environmentally advanced vessels ahead of regulations. She emphasized that waiting for political certainty is less strategic than investing in change, underscoring their commitment to industry decarbonization.
Overall, this bio-focused initiative demonstrates Furetank’s leadership in sustainable shipping, especially through its emphasis on biogas as a key renewable fuel.
