The Global Shipping Business Network (GSBN) recently concluded a pilot project with COSCO Shipping, a prominent Chinese shipping company, aimed at issuing green certificates supported by blockchain technology. The initiative signifies a concerted effort by global shipping entities to foster environmentally sustainable trade practices.
The Rise of Green Certificates
Amid growing corporate commitments to environmental stewardship, major corporations are increasingly willing to pay a premium for biofuel usage to reduce greenhouse gas emissions or obtain green certificates. These certificates serve as tangible evidence of a company’s commitment to sustainability.
COSCO’s Partnership with GSBN
In a bid to enhance traceability and verification of green practices, COSCO Shipping joined forces with GSBN, an established neutral entity in the shipping sector. Leveraging GSBN’s expertise and blockchain-enabled network, COSCO launched its Hi ECO blockchain-based shipping product.
Traceable and Verifiable Green Shipping
The collaboration resulted in the issuance of the first green shipping certificate to Volvo’s Asia Pacific headquarters in December 203. GSBN’s blockchain network ensures a direct link between the proof of sustainability certificate, documenting biofuel purchases, and the green certificates issued to corporations. This linkage ensures the authenticity of green claims and fosters trust within the industry.
Ensuring Credibility and Trust
GSBN’s blockchain technology facilitates easy verification, allowing stakeholders to validate the accuracy of sustainability claims. By documenting the entire biofuel procurement process on the blockchain, from source to consumption, GSBN aims to establish a transparent chain of custody for biofuels, bolstering the integrity of environmental claims associated with biofuel usage.
Industry Perspectives
Bertrand Chen, CEO of GSBN, emphasized the importance of trusted data in measuring the impact of decarbonization efforts. He hailed the completion of the pilot with COSCO as a significant step toward ensuring the traceability and verifiability of green claims, paving the way for increased investment in green shipping initiatives.
Tang Wei, Manager of the Strategic Customer Developing & Maintaining Department at COSCO Shipping, highlighted the value of the Hi ECO Certificate in supporting their commitment to emissions reduction. He emphasized GSBN’s role as a neutral party, providing assurance of fairness and traceability through its blockchain platform.
Conclusion
The successful collaboration between GSBN and COSCO represents a milestone in advancing green shipping practices through blockchain innovation. By enhancing traceability and verification, the initiative aims to foster transparency, credibility, and trust in the global shipping industry’s sustainability efforts.