February 16, 2023: Vancouver, BC – ShiftCarbon (formerly Tracesafe) (CSE: SHFT | OTCPINK: SHIFF) (the “Company”), a global leader in the Internet of Things (IoT) platforms and an innovator in end-to-end decarbonization solutions, is pleased to introduce Focused Footprint for the marine industry, a feature that allows cruiseliners and transportation companies to calculate their carbon emissions through a series of guided steps that focus specifically on the marine industry.
Focused Footprint is a powerful tool within ShiftCarbon Measure that enables clients to quickly measure their climate impact through a series of guided steps that collect emissions information specific to the marine industry. By using the Focused Footprint, cruiseliners, and marine can dedicate their resources to measuring emissions for the scopes and categories relevant to their business operations.
“At ShiftCarbon, we know that making the first step towards measuring an organization’s emissions can be overwhelming and resource intensive,” said Qayyum Rajan, Head of Carbon Products at ShiftCarbon. “Focused Footprint is the easiest way to start on the journey towards decarbonization. After years of building relationships and products within the space, we are excited to finally roll out this feature to the marine industry.”
According to McKinsey & Company’s assessment, “carbon-accounting practices at most companies today are at a level where cost accounting was 40 years ago.” The data is often spread across multiple spreadsheets and is processed using inconsistent emissions databases, while reports and dashboards for stakeholders are simply non-existent. This is why only 9% of surveyed companies are able to measure their emissions accurately and frequently with over half of firms acknowledging an error rate of as much as 40%.
The maritime industry is highly dependent on fossil fuels and emitted about 1.2 gigatons of carbon dioxide equivalents (CO2e) in 2020, equivalent to about 3% of global greenhouse gas (GHG) emissions. This is more than the world's 5th GHG emitting country.
The maritime sector relies heavily on fossil fuels and was responsible for releasing approximately 1.2 gigatons of carbon dioxide equivalents (CO2e) in 2020, accounting for roughly 3% of global greenhouse gas (GHG) emissions. This amount is greater than the GHG emissions of the world's fifth emitting country. In response to the pressing need for decarbonization, many of the industry's stakeholders are urging immediate action. To address this, the International Maritime Organization has set a goal of reducing carbon emissions by at least 40% by 2030 and aims to make efforts towards a 70% reduction by 2050.
Shiftcarbon provides an innovative platform for carbon accounting, offsets, and MRV (Measurement, Reporting, and Verification) automation. Businesses can use Shiftcarbon Measure to view a complete picture of their carbon emissions, without the need to hire external consultants or use manual calculations. Shiftcarbon Offset provides enterprises with powerful APIs that allow customers to embed carbon offsets into their business. Find more details on www.shiftcarbon.io.
ShiftCarbon also operates TraceSafe, a leading IoT cloud platform. The solution uses sensor technology to deliver precise and timely information, powering safer and smarter enterprise environments. With a presence across North America, Asia and Europe, TraceSafe is trusted by leading organizations in healthcare, hospitality, construction, events, education, and government. Find more details on www.tracesafe.io.
The Canadian Securities Exchange has in no way approved or disapproved the contents of this news release. Statements in this news release may contain forward-looking statements that are based on ShiftCarbon’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the ShiftCarbon assets and their application, future business plans and relationships, future developments in respect of carbon and climate risks and solutions adopted in response to climate change, and the deployment and acceptance of the ShiftCarbon technology. Although ShiftCarbon believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments respond to climate change and impact of carbon emissions and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and ShiftCarbon undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.