Circularise and GoodFuels, the sustainable fuels brand under FincoEnergies, have unveiled their ambitious project to revolutionize the biofuels record management process, a crucial step in achieving compliance with the European Union's RED II regulation. The initiative seeks to enhance transparency and sustainability within the biofuels supply chain by introducing digital solutions and integrating ISCC EU certification standards.
The RED II regulation is a pivotal component of the European Union's efforts to promote truly sustainable alternatives to fossil fuels. To meet the stringent requirements, companies are obligated to maintain comprehensive records detailing the sourcing, chain of custody, and greenhouse gas (GHG) emissions associated with their biofuel production processes. These records must then undergo verification by third-party certification schemes, such as ISCC EU.
Traditionally, this record-keeping process has been manual, with companies exchanging information in the form of PDFs and spreadsheets. This approach can be both costly and time-consuming, making it imperative to modernize and streamline the process.
The collaboration between Circularise and GoodFuels aims to address these challenges by introducing a digital method of record management. This transformation promises to enhance information security and user-friendliness for organizations mandated to report on their biofuels feedstock and supply chains. With the digitization of record-keeping, the chain of custody and GHG emissions associated with biofuel products can be efficiently audited, thereby fostering trust and credibility within the marine biofuels industry.
Paul Bakker, Digital Development Manager at FincoEnergies, emphasized the importance of transparency and trust in marine fuel supply chains, particularly in the biofuels sector. He expressed the commitment to advancing sustainability within the biofuels market through the GoodFuels brand and the support provided to Circularise to improve digital reporting processes.
Jordi de Vos, co-founder of Circularise, underlined the transformative potential of digital technologies in tracking the chain of custody and environmental impact of biofuels. This collaboration reflects a shared dedication to promoting transparency and sustainability in the energy sector.
Looking ahead, FincoEnergies plans to conduct tests of the software with its GoodFuels customers, ensuring a robust and seamless information transfer process. By transitioning from manual procedures to software aligned with RED II principles, Circularise will assist FincoEnergies in preventing double counting of biofuel credits, further reinforcing trust and transparency across the entire value chain.
The ongoing collaboration between FincoEnergies and Circularise will explore opportunities for downstream customers to equitably allocate the use of GoodFuels biofuels within their sustainability reporting.