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, according to the company's release.

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.

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.

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.

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.