COSCO partners with GSBN blockchain for ‘green’ fuel certs

Global Shipping Business Network (GSBN) reports that it has completed a pilot with COSCO Shipping (COSCO) to issue traceable and verifiable ‘green’ fuel certificates powered by blockchain technology. 

COSCO has partnered with GSBN to launch its Hi ECO blockchain-based shipping product, using the GSBN network to establish links between Proof of Sustainability (PoS) Certificates, which document the purchase of biofuel by the carrier, and Green Certificates issued to corporations to verify their use of more environmentally friendly fuels.

The blockchain is used to guarantee that each Green Certificate corresponds to an actual purchase of biofuel, supporting verification through attestation and allowing stakeholders to validate the veracity of the ‘green’ claims being made.

“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,” said Tang Wei, Strategic Customer Developing and Maintaining Department Manager at COSCO 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.” 

The partners note that establishing a connection between Proof of Sustainability and the Green Certificate is the first step towards their ultimate goal of being able to document the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain, creating a transparent and continuous chain of custody of biofuels.

“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,” said Bertrand Chen, CEO at GSBN.

“In doing so, we can create a virtuous cycle in which the value of green shipping can be accounted for to justify investment and further expand green shipping over time. We look forward to working with our members and partners to deploy even more solutions to assist their decarbonisation transition.”

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Rob O'Dwyer

Rob is Chief Network Officer and one of the founders of Smart Maritime Network. He also serves as Chairman of the Smart Maritime Council. Rob has worked in the maritime technology sector since 2005, managing editorial for a range of leading publications in the transport and logistics sector. Get in touch by email by clicking here, or on LinkedIn by clicking here.

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