Danish bulk shipping company Norden has partnered with 123Carbon and its partners, AllChiefs and Verifavia, to commence offering carbon inset tokens through 123Carbon’s newly developed platform.
With the platform, Norden will now be able to tokenise CO2-equivalent reductions made on biofuel voyages and allocate them to industry customers who are looking to reduce their maritime Scope 3 emissions.
The platform supports 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. Every token guarantees complete ownership to the buyer and provides full transparency and chain-of-custody with regards to the biofuel interventions, emission calculations, assurance and risks mitigations.
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.
“Carbon insets are not new to the market,” says Adam Nielsen, Head of Logistics and Climate Solutions at Norden: “However, we believe that carbon insetting will play a major role in accelerating the uptake of low-carbon fuels by connecting the demand for green freight with the supply, while bridging availability constraints.”
Together with shipowner Spar Shipping, Norden recently bunkered approximately 1,100 tonnes of biofuel at GoodFuels in Rotterdam. The fuel was the first biofuel bunkering by Norden on its chartered vessels.
