Global Shipping Business Network (GSBN) recently signed a pilot project with COSCO Shipping, a prominent Chinese shipping company, to issue green certificates using blockchain technology. This initiative represents a concerted effort by global shipping companies to promote environmentally sustainable trade practices.
The rise of green certificates
As corporate commitment to environmental stewardship increases, major companies are increasingly willing to pay a premium for the use of biofuels to reduce greenhouse gas emissions and obtain green certification. These certificates serve as tangible evidence of a company’s sustainability efforts.
COSCO and GSBN partnership
To enhance traceability and verification of green practices, COSCO Shipping has partnered with GSBN, an established and neutral organization in the shipping sector. Leveraging GSBN’s expertise and blockchain-enabled network, COSCO has launched the Hi ECO blockchain-based shipping product.
Traceable and verifiable green shipping
As a result of this cooperation, the first Green Transport Certificate was issued to Volvo’s Asia Pacific headquarters in December 203. GSBN’s blockchain network ensures a direct link between sustainability certificates documenting biofuel purchases and green certificates issued to companies. This collaboration ensures the credibility of green claims and fosters trust within the industry.
Securing credibility and trust
GSBN’s blockchain technology facilitates verification, allowing stakeholders to verify the accuracy of sustainability claims. By documenting the entire biofuel procurement process from source to consumption on the blockchain, GSBN will establish a transparent chain of custody for biofuels and ensure the integrity of environmental claims related to biofuel use. We aim to strengthen it.
Industry perspective
Bertrand Chen, CEO of GSBN, emphasized the importance of reliable data in measuring the effectiveness of decarbonization efforts. He hailed the completion of the pilot with COSCO as an important step towards ensuring traceability and verifiability of green claims, paving the way for increased investment in green transport initiatives.
Tang Wei, Manager of Strategic Customer Development and Retention at COSCO Shipping, highlighted the value of the Hi ECO certificate in supporting emissions reduction efforts. He emphasized GSBN’s role as a neutral party that provides guarantees of fairness and traceability through the blockchain platform.
conclusion
The successful collaboration between GSBN and COSCO marks a milestone in advancing green transportation practices through blockchain innovation. The initiative aims to promote transparency, credibility and trust in the global shipping industry’s sustainability efforts by strengthening traceability and verification.
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