A major blockchain platform for trading Sustainable Aviation Fuel (SAF) credits has been launched.
Oil and gas company Shell, consulting giant Accenture and corporate travel agency American Express Global Business Travel (Amex GMT) have launched the blockchain platform Avelia to promote sustainable aviation fuel. This is reported by Business Green.
The platform will bring together sustainable aviation fuel (SAF) carbon credit providers, airlines and cargo carriers in a single ecosystem. The blockchain in this system will provide data security and transparency, allowing all fund flows to be monitored and avoiding issues such as double counting of emission reductions.
Using SAF can cut greenhouse gas emissions by 80%. Selling SAF credits will encourage airlines to switch to low-carbon fuels as soon as possible and reduce the carbon footprint of civil aviation.
For individual travelers, purchasing SAF credits will contribute to protecting the environment and lowering their own carbon footprint. Even if a particular customer is not technically on a low-carbon flight, purchasing SAF credits via the Avelia platform provides funding for developing cleaner fuels. For businesses, it is an opportunity to meet corporate climate goals. Airlines will have a new financial incentive to switch to SAF, which is currently much more expensive than conventional fuels.
Shell, Amex GBT and Accenture not only jointly developed the platform but also became its first customers. Shell has committed to purchasing 100,000 gallons of SAF over the pilot phase of the program, while Amex GMT plans to promote the program to its tens of thousands of business travel customers worldwide. During the pilot phase, Avelia intends to sell credits for approximately 1 million gallons of SAF.
Recall that tokenized carbon credits were recently sold for the first time in Australia for local bank stablecoins. And Dell, with the participation of ClimateCHECK, BioE and the Iota Foundation, has initiated a real-time blockchain-based carbon footprint tracking system.
