The shipping company Orient Overseas Container Line (OOCL), part of the Chinese state-owned group Cosco, has teamed up with partners such as Ikea and Kyocera to promote low-carbon shipping.
In early August, the first voyage took place using a B24 biofuel blend with ISCC (International Sustainability & Carbon Certification)-certified used cooking oil methyl ester as a component of Very Low Sulphur Fuel Oil (VLSFO). Replacing fossil fuels with such biofuels can reduce carbon emissions in shipping and is considered a viable transitional solution on the way to long-term decarbonisation targets.
The amount of carbon saved is attributed to the partners, enabling them to reduce the carbon footprint of their cargo. In return, they receive a green certificate that certifies the carbon emissions saved through the use of biofuel. The process is verified and supported by Global Shipping Business Network (GSBN), a non-profit blockchain consortium.
The calculation and allocation of saved carbon emissions are tracked via the blockchain, with traceable and immutable records. OOCL uses the well-to-wake approach to measure carbon emissions over the entire life cycle, from the production of the fuel to its consumption in ship operation.
Important milestone for OOCL
In 2023, the shipping company started using biofuel on some of its ships. Together with its partners, the company is committed to building greener maritime supply chains and wants to work with them towards the goal of decarbonising maritime shipping.
“Working with partners on low carbon shipping is definitely a very important milestone in OOCL’s environmental and sustainability journey, enabling both us and our partners to realise their own decarbonisation roadmap,” commented Michael Xu, Director of Trades at OOCL. “I would like to thank our partners such as Ikea, Kyocera and several others for their trust and support for OOCL and for participating in the first journey. We are keen to build further long-term collaborations with all our partners and stakeholders to reduce emissions along the supply chain and create a greener future together.”
