On April 2, COSCO SHIPPING Lines and GSBN executed a pilot aiming at issuing traceable and verifiable green certificates empowered by blockchain technology.

In its commitment to corporate responsibility on environmental protection, COSCO SHIPPING actively researches and implements the Hi ECO initiative, which offers a sustainable shipping solution through the use of biofuels made from renewable sources. This approach aims to reduce carbon emissions across the entire life cycle of the shipping process - from fuel production to final combustion on board, encapsulated by the Well To Wake model. The goal is to significantly diminish the carbon footprint associated with freight transportation for customers who opt for environmentally conscious shipping options. By meeting the demand for eco-friendly logistics, COSCO SHIPPING issues green certificates to customers utilizing the Hi ECO service, serving as a tangible representation of their contribution to greenhouse gas emission reduction.

In this effort, COSCO SHIPPING Lines partnered with GSBN, a recognized neutral party within the maritime sector, to launch the groundbreaking green blockchain-based shipping initiative, Hi ECO. This collaboration aims to forge a direct connection between the Proof of Sustainability (PoS) and the Green Certificate that companies obtain through the blockchain, ensuring an exact correspondence between each green certificate and the use of biofuels in operations. By harnessing the inherent data traceability and immutability of blockchain technology, the service allows stakeholders to validate the veracity of the green certificates. This technologically robust verification process significantly bolsters trust among all parties engaged in the production, consumption, and certification of eco-friendly shipping solutions. The Hi ECO certificate not only complements COSCO SHIPPING Lines’ Well To Wake strategy, but also aligns with COSCO SHIPPING’s mission to deliver unparalleled value to customers through sustainable shipping practices. With the involvement of GSBN, the integrity and equity of this innovative green shipping product are further ensured.

Establishing a connection of sustainability between the PoS and the Green Certificate is merely the first step for COSCO SHIPPING. The vision extends beyond as the company aspires to document the entire biofuel procurement and utilization process, from its source to its consumption, on the GSBN blockchain. This ambitious plan aims to construct a transparent and continuous chain of custody of biofuels, thereby upholding the integrity of environmental claims linked to biofuel.