With the goal of a more sustainable global trade, COSCO Shipping partnered up with the Global Shipping Business Network (GSBN). GSBN is a prominent China-based company – this collaboration will introduce traceable and verifiable green certificates powered by blockchain technology.
In the past decades, carbon footprint has been a major issue. More and more corporate giants are paying attention to this problem and looking for solutions. Many of them are paying premium biofuels and in exchange get green certificates.
Key Takeaways
- Partnership for Sustainability: COSCO Shipping and GSBN have joined forces to promote sustainable global trade powered by blockchain technology.
- Corporate Response to Environmental Challenges: With growing concerns about carbon footprint, corporate giants are increasingly opting for eco-friendly solutions. Many companies, including COSCO Shipping, are embracing biofuels and obtaining green certificates to demonstrate their commitment to environmental sustainability.
- Initial Green Shipping Certificate: In a significant milestone, COSCO Shipping issued its first green shipping certificate to Volvo’s Asia Pacific headquarters. This certificate, facilitated by GSBN’s blockchain technology, signifies the utilization of COSCO’s Hi ECO product.
- Establishing Transparency: GSBN’s blockchain-enabled network aims to establish transparency by tracking the entire process of biofuel procurement. This initiative is crucial in creating a transparent and continuous chain of custody for biofuels, ensuring the integrity of environmental claims.
- Positive Strides towards Authenticity: Bertrand Chen, CEO of GSBN, emphasized the successful completion of the pilot with COSCO as a positive step towards ensuring the authenticity of green claims. This collaboration sets a precedent for fostering transparency and accountability in the shipping industry’s sustainability efforts.
How are Green Shipping Certificates Helping?
COSCO Shipping issued its initial green shipping certificate to Volvo’s Asia Pacific headquarters in December 203. This certificate, assisted by GSBN’s blockchain technology, marks the use of COSCO’s Hi ECO product. This confirms the company’s commitment to environmental sustainability.
Key Stakeholders and Contributions
| Stakeholder | Contribution |
|---|---|
| COSCOShipping | Partnership with GSBN for Hi ECO blockchain-based shipping product |
| Issuance of green shipping certificates to validate commitment to environmental sustainability | |
| GSBN | Establishment of a blockchain-enabled network for traceable and verifiable green certificates |
| Screening tests may have associated costs | |
| Volvo | Receipt of inaugural green shipping certificate from COSCO, demonstrating the adoption of eco-friendly practices |
The goal is to track the whole process of buying biofuel to establish a transparent and continuous chain of custody. Documenting everything from origin to consumption on the GSBN blockchain is crucial.
Bertrand Chen, CEO of GSBN, acknowledged the successful completion of the pilot with COSCO. He emphasized that it’s a positive stride towards ensuring the authenticity of green claims.
The collaboration between COSCO Shipping and GSBN is an important milestone in the attempt to reach a more sustainable global trade. With blockchain technology to issue green shipping certificates, the partnership emphasizes a collective commitment to environmental control. The vision of a greener, more sustainable shipping ecosystem can be realized, benefiting both businesses and the planet alike – all with the help of blockchain.
Disclaimer
FAQ
Green shipping certificates are digital proofs, powered by blockchain, that certify a shipment has been transported using eco-friendly practices.
Blockchain ensures the authenticity and traceability of green certificates, making them tamper-proof and easily verifiable.
COSCO partners with GSBN to issue blockchain-enabled green shipping certificates, promoting sustainable trade practices.
Yes, companies committed to reducing their carbon footprint can participate by adopting similar green practices and technology.
