Circularise teams up with GoodFuels to digitalise biofuel supply chain process
Circularise and GoodFuels have announced a joint project to digitalise the biofuels record management process required for EU's RED II compliance.
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Under the collaboration, FincoEnergies' sustainable fuels entity, GoodFuels, will pitch in with expertise in bookkeeping processes.
The EU’s RED II regulation verifies the sustainability of biofuels as an alternative to fossil fuels.
Furthermore, the regulation requires maintaining records throughout the supply chain, including sourcing and tracking GHG emissions generated during the biofuel production process. This also needs to be validated by a third-party certification scheme like the International Sustainability and Carbon Certification (ISCC).
As part of this, Circularise, a Netherlands-based supply chain traceability software provider has expanded its software platform to include the biofuels supply chain. The software automates mass balance reporting using pre-defined processes and conversion factors.
The firm will also incorporate the ISCC EU certification as part of the process. Currently, the bookkeeping procedures for biofuels are carried out manually, it claims.
In the future, FincoEnergies plans to conduct trial runs of the software with GoodFuels' clients. By transiting to a digital platform, the firms aim to avoid double counting of biofuel credits and promote transparency throughout the supply chain.
By Manjula Nair
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