GSBN and Cosco Shipping Pilot Blockchain-Powered Green Certificates for Sustainable Shipping
As global shippers prioritize environmental responsibility, GSBN and Cosco Shipping collaborate to launch traceable and verifiable green certificates powered by blockchain technology. Major corporations are now opting to pay a green premium for biofuel usage, receiving Greenhouse Gas (GHG) reduction claims or Green Certificates in return.
To enhance transparency, Cosco Shipping partners with GSBN to introduce its Hi ECO blockchain-based shipping product. Leveraging GSBN’s blockchain-enabled network, this initiative links the Proof of Sustainability (PoS) Certificate – documenting biofuel purchases – with Green Certificates, ensuring each certificate corresponds to actual biofuel procurement. This seamless connection fosters confidence in the marketplace and enables easy verification through attestation, bolstering credibility and trust among stakeholders.
The long-term vision involves documenting the entire biofuel procurement process on the GSBN blockchain, from source to consumption. Bertrand Chen, CEO at GSBN, emphasizes the importance of trusted data in measuring decarbonization impact. Completing the pilot with Cosco signifies progress towards ensuring traceability and verifiability of green claims, paving the way for increased investment and expansion of green shipping.
Tang Wei, Strategic Customer Developing & Maintaining Department Manager at Cosco Shipping, highlights the Hi ECO Certificate’s role in supporting their emissions reduction commitment throughout the entire Well to WAKE cycle. This innovative solution, supported by GSBN’s neutral and blockchain-enabled platform, ensures fairness, immutability, and traceability, providing customers with assurance and driving sustainable shipping forward.
