Decarbonization
Underpinning the Transition to a Greener Future
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Urgent action is needed to combat climate change and its impact. The shipping industry is stepping up with multiple initiatives. However, investments in solutions need to be justified and backed by trusted data. Any emissions claims and allocations need to be verified, calculated and audited to prevent greenwashing.
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This will require a neutral data exchange which encourages collaboration across the industry.
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By harnessing blockchain technology, GSBN’s infrastructure serves as a trusted and secure data exchange for this purpose. With more comprehensive data sharing, GSBN aims to help all parties accelerate their decarbonisation journey.
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GSBN Green Certificate
As global shippers step up to their corporate responsibility of safeguarding the environment, leading corporations have started to pay a green premium on biofuel usage in exchange for Greenhouse Gas (GHG) reduction claims or Green Certificates.
In 2024, COSCO partnered with GSBN to launch its Hi ECO blockchain-based shipping product. GSBN leverages its blockchain-enabled network to establish a linkage between the Proof of Sustainability (PoS) Certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations. This connection guarantees that each Green Certificate corresponds to an actual purchase of biofuel, instilling confidence in the marketplace.
Furthermore, the technology enables easy Data Verification, allowing stakeholders to validate the veracity of the claims. This enhances credibility and establishes a foundation of trust among all participants involved in the shipping process.
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