Sunday, May 28, 2023
HomeEnvironmentNORDEN partner with 123Carbon to support the decarbonisation of customer supply chains


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

NORDEN partner with 123Carbon to support the decarbonisation of customer supply chains

Together with 123Carbon and its partners, AllChiefs and Verifavia, NORDEN will begin to issue carbon inset tokens through 123Carbon’s newly developed platform to support the decarbonisation of customer supply chains.

Bridging reductions with customers looking to decarbonise

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.

Adam Nielsen, Head of Logistics and Climate Solutions at NORDEN, says: “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.”

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. 

Jeroen van Heiningen, Managing Director of 123Carbon, added: “It is critical for industry leaders like NORDEN to become early adopters of innovations that will ultimately drive the agenda for carbon insetting. 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.”

Full transparency and traceability 

The platform support 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.

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.

Related Posts


Finance & Economy
Shipping News

Seanergy ‘well positioned to benefit from positive trend in Capesize market’

Seanergy Maritime Holdings Corp., announced its financial results for the first quarter ended March 31, 2023, and declared a quarterly dividend of $0.025 per...

Dorian LPG sees Q1 revenue more than double year-on-year

Dorian LPG reported its financial results for the three months and fiscal year ended March 31, 2023. Highlights for the Fourth Quarter Ended March 31, 2023 Revenues of $133.6 million.Time...

Navios Holdings Posts $14.5 Mln Net Income in Q1

Navios Maritime Holdings Inc., reported its financial results for the first quarter ended March 31, 2023. Navios Holdings owns (i) a controlling equity stake...

BW LPG posts ‘strongest quarterly performance on record’

BW LPG has recorded its ‘strongest quarterly performance on record’ in the first three months of 2023. The company was boosted by strong exports...

ONE, Wan Hai agree to pay civil penalties to FMC

Ocean Network Express (ONE) will pay a US$1.7 million civil penalty to avoid a formal investigation by the US Federal Maritime Commission (FMC) for...

Nikolaus H. Schües elected BIMCO President

BIMCO has elected Nikolaus H. Schües , CEO and owner of Reederei F. Laeisz,...

Baltic Dry Bulk Index Ends Worst Day In Over Three Months

The Baltic Exchange’s main sea freight index declined the most since mid-February on Thursday...

Maritime UK appoints new Chief Executive Officer

Maritime UK, the umbrella organisation for the UK’s maritime sector, has appointed Chris Shirling-Rooke...

Baltic dry bulk index extends slide for 10th straight session

The Baltic Exchange’s main sea freight index of shipping rates for dry bulk commodities...

Baltic index hits over two-month trough on lower rates across vessels

The Baltic Exchange’s main sea freight index slumped to its lowest level in over...

DP World Completes Terminal Expansion Project Vancouver Port

DP World has completed the AED954 million ($259.78 million) Centerm expansion project, increasing container throughput at the Port of Vancouver by 60 percent. The terminal...

DP World completes AED 954 million Vancouver port expansion

DP World and the Vancouver Fraser Port Authority have celebrated two historic events – the completion of the Centerm Expansion Project at DP World...

Alexandroupolis port gets 24 million euros of EU funding

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatisation agency HRADF...

Port Hedland Iron Ore Exports Down 5% in April

Pilbara Ports Authority (PPA) has delivered a total monthly throughput of 57.7 million tonnes (Mt) for April 2023. This throughput was a two per cent...

APM Terminals Reveals $1 Billion Investment in Brazil

APM Terminals’ CEO Keith Svendsen has pledged an investment of about US$1 billion in the company's Brazilian operations up to 2026. The amount includes around...