Hong Kong-based consortium Global Shipping Business Network (GSBN) has concluded a pilot project with China’s COSCO Shipping to issue traceable and verifiable green certificates using blockchain technology.
COSCO has partnered with GSBN to launch its Hi ECO blockchain-based shipping product. GSBN uses its blockchain-enabled network to establish links between the Proof of Sustainability certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations.
According to GSBN, this connection guarantees each Green Certificate corresponds to an actual purchase of biofuel to establish a chain of purchase. Easier verification through attestation is expected to increase stakeholder confidence in the process and validate the veracity of the claims.
Establishing a connection between the Proof of Sustainability and the Green Certificate is the first step towards a larger goal of documenting the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain.
GSBN said its vision is to create a transparent and continuous chain of custody of biofuels, to establish integrity in environmental claims linked to biofuel.
In 2021, GSBN rolled out its first application in China, the blockchain-operated Cargo Release, which was picked up by COSCO, OOCL and SIPG.
GSBN chief executive Bertrand Chen said, “Measuring the impact of decarbonisation requires access to trusted data. The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable.”
“We look forward to working with our members and partners to deploy even more solutions to assist their decarbonisation transition.”
COSCO strategic customer developing and maintaining department manager, Tang Wei said, “The Hi ECO Certificate complements our commitment to reducing emissions throughout the entire well-to-wake cycle, and underpins the value we aim to provide our customers through green shipping. This pioneering solution has been further guaranteed to be fair and equitable through GSBN which serves as a neutral party, and through its blockchain-enabled platform, provides our customers assurance of immutability and traceability.
Source: rivieramm.com
