COSCO SHIPPING issues first green shipping certificate over GSBN

COSCO SHIPPING Lines has collaborated with BOE Technology Group to issue the first blockchain-certified Hi-ECO green shipping certificate.

The development follows COSCO SHIPPING Lines’ previous announcement that it has partnered with Global Shipping Business Network (GSBN) to launch its Hi-ECO blockchain-based shipping product, which incorporates traceable and verifiable green certificates to accelerate decarbonisation in global trade.

Companies have begun to issue green certificates to enterprises like BOE Technology Group that support the use of biofuels for product transportation.

GSBN leverages its blockchain-enabled network to establish a linkage between the Proof of Sustainability (PoS) Certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations.

This connection guarantees that each Green Certificate corresponds to an actual purchase of biofuel, instilling confidence in the marketplace.

Furthermore, the technology reportedly enables easy verification through attestation, allowing stakeholders to validate the veracity of the claims. This enhances credibility and establishes a foundation of trust among all participants involved in the shipping process.

In April 2024, GSBN released a new report that highlights the potential for considerable carbon savings in the shipping industry via the use of digital operations.

More recently, Mediterranean Shipping Company (MSC) announced its collaboration with the Global Shipping Business Network (GSBN) to further enhance safety in transporting lithium battery shipments.