123Carbon, a blockchain-based carbon insetting platform, completed a successful pilot with Chevron by tokenizing emissions reductions from bunkering biofuel for a Chevron-owned vessel in Singapore.
Revolutionizing Carbon
- 123Carbon offers a blockchain platform for creating verified CO2-equivalent reduction tokens throughout the supply chain, making it easier for carriers to allocate carbon reductions and costs to customers.
- Carbon insetting allows sharing emission reduction benefits and costs of low-carbon fuels with freight forwarders and shippers, extending beyond shipping to air and road transport.
- The company collaborates with AllChiefs and Bureau Veritas to provide implementation services and external assurance, incentivizing emission reductions across multiple transport modes.
Words Of MD and President
“We are excited to work together with Chevron to help it make a real difference in reducing carbon intensity in its supply chains. Carbon insetting is a major driver in accelerating the journey to global net zero within transportation, as well as enabling companies and regulators to monitor the verifiable impact of these carbon reduction efforts,” said Jeroen van Heiningen, managing director at 123Carbon.
“Through this pilot partnership, Chevron continues to expand our capabilities to meet customer needs, and support the acceleration of lower carbon transport,” said Donny Suhartono, President of Chevron Product Supply and Trading.
Insights Of Leader
“We are proud to partner with 123Carbon and Chevron on this pioneering project, which demonstrates that carbon insetting can already play a significant role in enabling companies to reduce CO2-equivalent emissions across their supply chains today.
Carbon insetting is a key component of the decarbonised supply chains of today’s and tomorrow, helping decarbonizing transportation sector globally.
Traceability and validation of the emissions reductions benefits are essential to achieve this vision, and at BV we are proud to contribute our expertise by independently verifying the insetting process and ensuring that claims can be trusted. This provides companies and their end customers with genuine transparency over carbon reductions, supported by reliable verification,” said Benjamin Lechaptois, Sustainability Strategy Leader of Bureau Veritas Marine & Offshore.
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Source: 123Carbon
