EY Launches Blockchain-based Carbon Tracking Solution

Global professional services firm EY announced today the launch of EY OpsChain ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More, a new solution developed on the Ethereum blockchain, aimed at enabling companies to accurately measure and track their carbon footprint, and providing transparency and traceability for carbon credits.

According to EY, the new solution, now available in beta version on EY’s Blockchain SaaS platform, will help enterprises to achieve and report a verifiable view their current CO2 positions, by tokenizing products’ emissions. The platform is built to the standards of InterWork Alliance for Carbon Emissions Tokens, an industry certification program for tokenizing emissions.

EY Global Blockchain Leader Paul Brody said:

“Like all EY enterprise solutions, EY OpsChain ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More was developed based on the conviction that blockchains are the glue that can link business processes and global ecosystems across enterprise boundaries. Detailed traceability allows for tracking of emissions inventory through tokenization including the ability to link carbon output to specific product output.”

In addition to tracking enterprise emissions, the platform is also aimed at building trust in the use of voluntary carbon credits to offset emissions, adding traceability and verifiability to a rapidly growing sector often challenged by opacity and inconsistent data.

Sam Azad, EY OpsChain ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More Product Owner, says:

“Transparency in sustainability is now table stakes for consumers, business partners and regulators. With net-zero targets under more scrutiny than ever before, our new solution presents enterprises with the opportunity to tell their organization’s ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. More story on a digitally trusted platform.”

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