MOL Completes Biomethanol Bunker Insetting Trial

by Ship & Bunker News Team
Friday February 16, 2024

Japanese shipping company MOL has completed an insetting trial in which it allocated to its customers the GHG emission savings from its use of biomethanol bunkers.

The firm carried out the insetting pilot with 123Carbon, it said in a statement on its website on Thursday.

The pilot generated third-party-verified digital certificates certifying the GHG emission savings, using blockchain technology.

"The digital certificates issued after verification are managed by blockchain technology, recording the transaction history," the company said in the statement.

"Customers that have been allocated tokens can claim the GHG emission reductions and have access to the reduction-related data (vessel names, reduction methods, bunker date of low emission fuel, emission factors used in reduction calculations, name of third-party verifier, etc.) on the platform.

"These mechanisms, which 123Carbon provides the tools to ensure the reliability and transparency of the GHG emission reductions allocated to customers."