At Pacific Basin, we take the firm view that carbon offsetting does not absolve us of our responsibility to reduce and eventually eliminate our actual carbon emissions.
We are pursuing a comprehensive programme of initiatives to reduce our carbon emissions, as a result of which our owned fleet's carbon intensity continues to reduce long term.
What remains, however, are currently unavoidable emissions, some of which we wish to neutralize voluntarily through carbon offsetting. It's just one of several steps we feel it's worth taking towards achieving carbon neutrality - especially in hard-to-decarbonise industries - on the long road to complete decarbonisation.
When you pay to offset emissions via the PB Carbon Neutral Voyage Programme, the money goes directly back to the projects company which holds the wind or solar farm.
Climate action projects like these would not have taken place without the added incentive created by carbon credits.
This money then helps fund the development and operations of the wind or solar farm, such as…
Ongoing maintenance and repairs of the wind turbines, solar panels and associated infrastructure
Wages for employees, who are also part of the local community
Taxes paid to local and national governments
Donations to and investment in the local community