On their recent joint venture, OOCL, IKEA, and Kyocera utilized a 24% biofuel blend known as B24 for their shipping operations. This blend incorporates ISCC-certified Used Cooking Oil Methyl Ester mixed with Very Low Sulfur Fuel Oil (VLSFO). The use of this biofuel is significant because it helps lower carbon emissions in the shipping industry. Here’s how it works: Biofuels, like the one used on this voyage, are made from renewable feedstocks such as used cooking oil. When these biofuels are burned, they emit CO2. However, this CO2 was originally captured from the atmosphere by the plants or algae that produced the feedstock. Therefore, on a well-to-wake basis—meaning from production to end-use—the carbon released is part of a cycle where the carbon is captured by the biofuel's source and then released when the fuel is used. This cycle effectively reduces net carbon emissions compared to fossil fuels, which release carbon that has been stored underground for millions of years. The reduction in carbon emissions achieved during this voyage will be apportioned to the three partners, lowering the carbon footprint of their cargo. To certify this achievement, each partner will receive a Green Certificate, which serves as a credible acknowledgment of their contribution to carbon emission reductions through the use of biofuel. The process of calculating and tracking these carbon savings is managed by the Global Shipping Business Network (GSBN). The data regarding emissions savings and their allocation is recorded on a blockchain, ensuring the records are transparent, secure, and immutable. This blockchain technology provides a reliable and traceable record of the carbon savings achieved through the biofuel voyage.