Marine fuel supplier Bunker Holding, carbon insetting firm 123Carbon, and class society Bureau Veritas have partnered on a project to collectively conclude their first blockchain-powered carbon insetting operation.
This insetting partnership allows for the additional cost delivery of lower carbon, alternative marine fuels – such as sustainable biofuel – to be shared by carriers, freight forwarders, and cargo owners within the same value chain; allocated based on a commonly accepted book and claim methodology.
“We’re excited to work with 123Carbon and Bureau Veritas, as we believe in complete transparency of how insets are created and transferred,” said Tobias Troye, Head of Carbon Solutions at Bunker Holding.
“Insetting is not new, but one concern within the maritime sector is under what circumstances alternative fuels are supplied, and who owns the emissions reductions.”
Bunker Holding can now offer carriers, freight forwarders, and cargo owners transparency and assurance regarding how their insets reduce maritime emissions by integrating with 123Carbon’s blockchain platform.
“We are delighted that Bunker Holding not only uses our advanced platform for the issuance of the certificates but has also chosen a fully branded solution to deliver the certificates in a secure environment to its customers,” said Jeroen van Heiningen, Managing Director of 123Carbon.
Bureau Veritas acted as a third-party assurance partner on the project to verify the fuel intervention and all related documentation, ensuring that all insets were issued according to the Smart Freight Centre’s Book & Claim methodology and 123Carbon’s assurance protocol.
