Norden looks to drive down emissions using carbon insetting
The Danish owner and operator has teamed up with greenhouse gas insetting platform 123Carbon and its partners, AllChiefs and Verifavia, to tokenise CO2-equivalent reductions made on biofuel voyages and allocate them to customers looking to reduce such emissions.
“Carbon insets are not new to the market, but are in their early days in the shipping industry. 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,” explained Adam Nielsen, head of logistics and climate solutions at Norden.
The goal of the platform is to link emission reductions made by Norden with customers that, due to trading routes or other constraints, are uable to bunker low-carbon fuels but are still looking to decarbonise their operations or supply chains. Underlying documents are verified by French carbon emissions verification company Verifavia, after which immutable tokens are issued on blockchain.
Nicolas Duchêne, general director of Verifavia, said: “Carbon insetting differs from carbon offsetting in that carbon emissions are reduced directly within the shipping value chain, rather than somewhere outside of and unrelated to the industry. Unlike carbon offsetting, the entire chain of custody for the insetting process is independently verified – as well as the reductions corresponding to an intervention – enabling genuine transparency over carbon reductions supported by reliable certification.”
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, Norden added.
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