The Hague, The Netherlands, 24th October 2023 – 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.