Blockchain enabled carbon credit system for green shipping

Abstract

The maritime industry, a cornerstone of global trade, is simultaneously a significant contributor to greenhouse gas (GHG) emissions, accounting for approximately 3% of global CO2 emissions. With international trade projected to expand, emissions from shipping are expected to rise drastically by 2050, intensifying environmental concerns. Despite the introduction of international regulations, current emissions monitoring and carbon credit systems remain fragmented, opaque, and susceptible to fraud and inefficiency. This project explores the application of blockchain technology as a transformative solution to enhance the credibility, efficiency, and transparency of carbon credit systems in the shipping sector.