THE HAGUE, NETHERLANDS, October 24, 2023 /EINPresswire.com/ -- Circularise and GoodFuels, FincoEnergies’ sustainable fuels brand, have publicly announced their project to digitise the biofuels record management process required for RED II compliance.

Throughout this innovative project, GoodFuels and FincoEnergies shared their knowledge on bookkeeping processes with Circularise to expand its MassBalancer traceability software suite to include the biofuels supply chain, adding ISCC EU certification as an additional supported framework.

The European Union’s RED II regulation aims to ensure that biofuels provide a truly sustainable alternative to fossil fuels. As part of this regulation, records must be maintained for the sourcing, chain of custody, and GHG emissions of the biofuel product process, and then verified by a third-party certification scheme such as ISCC EU. This process of bookkeeping is currently a manual process of companies exchanging information from PDFs and spreadsheets, which can be time-consuming and susceptible to fraud.

Adding a digital method of record management will increase information security and ease of use for any organisation that needs to report its biofuel feedstock and supply chains. By digitalising the record-keeping process, information on the chain of custody and GHG emissions of the biofuel products can be efficiently audited supporting a trustworthy and fair marine biofuels industry.

Paul Bakker, Digital Development Manager for GoodFuels at FincoEnergies, said: “Transparency and trust are critical to the supply chains of all marine fuels, but especially biofuels, where we must be able to demonstrate our sustainability claims easily and with confidence. FincoEnergies, through our GoodFuels brand, is dedicated to leading sustainability within the biofuels market, which is why we are pleased to be able to support Circularise to improve the digital reporting process.”

“By leveraging digital technologies to trace the chain of custody and impact of the biofuels, we can shed light on opaque supply chains and guarantee that these fuels serve as a truly sustainable alternative to fossil fuels.” Jordi de Vos, co-founder of Circularise explains. “Our partnership with GoodFuels is a testament to our shared commitment to drive transparency and sustainability in the energy sector.”

Going forward, FincoEnergies will test this software with their GoodFuels customers to ensure a robust information transfer process. By shifting from manual methods to software grounded in RED II principles, Circularise will assist FincoEnergies in the prevention of double counting of biofuel credits, further enhancing trust and transparency throughout the value chain. This collaboration will continue to explore ways for FincoEnergies to enable its downstream customers to fairly allocate the use of GoodFuels biofuels within their sustainability reporting. This commitment to fair and transparent practices underscores the shared vision of both FincoEnergies and Circularise for a more sustainable future.

About Circularise

Circularise is a digital product passports and mass balance bookkeeping software provider founded in The Netherlands in 2016. Circularise’s software system helps suppliers in chemicals, plastics, battery materials, metals, and other industries to trace materials and share their environmental footprint without risking their sensitive data. By extension, it helps brands to get visibility into their Scope 3 emissions and other metrics, which is aligned with the regulatory push for digital product passports, the SEC’s proposed climate risk disclosure rules, and the Corporate Sustainability Reporting Directive.

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About GoodFuels

GoodFuels is a global brand of sustainable fuel solutions for road and marine use, supplied by FincoEnergies. The GoodFuels product line consists of their most sustainable fuels and integrates the entire supply chain for low-carbon fuels like sustainable biofuels and biomethanol. From feedstock to tank, GoodFuels’ proposition covers elements of sourcing feedstock and ensuring its 100% sustainability, production and refining, global distribution, quality assurance, and marketing programs with ports, governments, and cargo owners.

About FincoEnergies

FincoEnergies is an independent, leading supplier of sustainable energy solutions. Their mission is to propel its customers’ transition towards a better world. FincoEnergies focuses on providing low-carbon energy and decarbonisation solutions. This empowers their customers to calculate, reduce, inset, and offset their emissions. With a strong range of brands, like GoodFuels, GoodShipping, and GoodZero, FincoEnergies offers a one-stop-shop for innovation, expertise, and security of supply.

Julia Semenko
Circularise
julia@circularise.com
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Mass Balance Approach and ISCC PLUS Explained by Circularise (short)

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