NORDEN launches tokenized CO2-equivalent reductions from biofuel voyages

April 18, 2023 |

In the Netherlands, together with 123Carbon and its partners, AllChiefs and Verifavia, NORDEN will begin to issue carbon inset tokens through 123Carbon’s newly developed platform to support the decarbonization of customer supply chains.
With the platform, NORDEN will now be able to tokenize CO2-equivalent reductions made on biofuel voyages and allocate them to industry customers who are looking to reduce their maritime Scope 3 emissions. 

Today, the supply of low-carbon fuels such as biofuel is limited both in terms of production and geographic availability. With the platform, the intent is to connect emission reductions made by NORDEN with customers that due to trading routes or other constraints are not able to bunker low-carbon fuels, but are still looking to decarbonise their operations or supply chains.   

The platform support auditing companies like Verifavia, a global verification auditing body specialised in transport, to thoroughly verify all underlying documents online, after which immutable tokens are issued on blockchain. 

Category: Fuels

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