COSCO harnesses GSBN blockchain to issue traceable green certificates to accelerate decarbonization in global trade

In Hong Kong, Global Shipping Business Network (GSBN) has completed a pilot with COSCO Shipping to issue traceable and verifiable green certificates powered by blockchain technology.

To increase traceability and verifiability, COSCO has partnered with GSBN to launch its Hi ECO blockchain-based shipping product. GSBN leverages its blockchain-enabled network to establish 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. Furthermore, the technology enables easy verification through attestation, 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, the company said.

Bertrand Chen, CEO at GSBN, said: “Measuring the impact of decarbonization requires access to trusted data. The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable. In doing so, we can create a virtuous cycle in which the value of green shipping can be accounted for to justify investment and further expand green shipping over time. We look forward to working with our members and partners to deploy even more solutions to assist their decarbonization transition.”

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