VPS has launched its Core software, designed to help vessel owners plan to meet emission targets and handle market and regulatory needs, according to a press release.
The Core software contributes to VPS’ efforts to help their customers meet the most recent emission targets. Despite rising demand for shipping and ocean activity, the maritime industry’s emissions need to be cut by at least half by 2050 in order to meet IMO targets. By 2030, the carbon intensity of ships on the water today must be reduced by 40 percent, according to VPS.
“Emission reduction is about to become an important business differentiator. Core is designed to meet the needs of a range of stakeholders in the maritime value chain working hard to reduce their company´s emissions footprint,” said Sindre Bornstein, chief commercial officer, VPS Decarbonisation
VPS’ software steps in to assist the efforts of the cruise industry by transforming CII from an operational metric into a C-Suite KPI. Additionally, it interprets CII and its equivalents as a score in relation to the emission-reduction targets for 2030 vs. 2008, effectively allowing stakeholders to assess their own emission-reduction efforts in comparison to the market.
In order to facilitate scenario planning for the best investments, the software also enables the assessment of various initiatives for emissions reduction, such as hybrid battery power, sails, and biofuels, as well as their impact on emissions, estimated cost, and return on capital.
“The coreScore will allow for relative ranking of companies´ efforts to reduce their carbon footprint, and serve as an indicator for emissions integrity and trustworthiness,” added Bornstein.
The software also provides a measure library for determining current and future emission trajectories for various vessels. This library will be available to all Core users, allowing them to see what combination of initiatives is appropriate for the task at hand and raising awareness of what steps can be taken to improve overall performance.