123Carbon completes insetting pilot with Chevron tokenizing its biofuel bunkering

In the Netherlands, 123Carbon has completed an insetting pilot with Chevron by tokenizing the emissions reductions associated with bunkering of biofuel for Chevron-owned vessel in Singapore. This successful pilot allows for further introduction of carbon insetting capabilities to other third-party customers.

123Carbon provides the blockchain-based platform to create the inset and enables customers to create verified and immutable blockchain tokens for CO2-equivalent reductions across their supply chain. This can enable carriers to allocate carbon reductions and associated costs to customers without having to go through a robust insetting process themselves. The company also partners with AllChiefs and Bureau Veritas to support clients with implementation services and external assurance.