Danish shipping company Norden will begin to issue carbon inset tokens through 123Carbon’s newly developed platform to support the decarbonisation of customer supply chains.
Through the platform, Norden will ‘tokenise’ CO2-equivalent reductions made on biofuel voyages and allocate them to industry customers who are looking to reduce their maritime Scope 3 emissions.
“Carbon insets are not new to the market, but they are in their early days in the shipping industry,” said Adam Nielsen, head of logistics and climate solutions at Norden.
“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.”
Norden says it intends to use the platform to connect emission reductions it makes 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.
“It is critical for industry leaders like Norden to become early adopters of innovations that will ultimately drive the agenda for carbon insetting,” said Jeroen van Heiningen, 123Carbon MD and co-founder.
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“We are here to empower organisations to make a real difference within their own supply chains and accelerate the decarbonisation of transportation. This partnership demonstrates the value of having high quality and transparent solutions that people can rely on.”
The platform supports auditing companies to thoroughly verify all underlying documents online, after which immutable tokens are issued on the blockchain.
According to Norden, every token guarantees complete ownership to the buyer and provides full transparency and chain of custody with regard to biofuel interventions, emission calculations, assurance, and risk mitigations.