Blockchain
EY, the professional services giant, has launched an Ethereum-based platform for companies to track their carbon emissions and traceability of carbon credits.
The EY OpsChain ESG made the announcement at the company’s Global Blockchain Summit in London. The platform is now available in beta on the EY Blockchain SaaS platform.
The system uses carbon emissions tokens developed by the Microsoft-backed InterWork Alliance, part of the Global Blockchain Business Council (GBBC), of which EY is also a member.
In recent years, companies have looked to blockchain technology to track and trace elements of their workflows, from trade finance to food products. Keeping an eye on carbon emissions and credits has been a focus of environmental and social governance for many, and EY has long advocated using the public Ethereum blockchain to achieve this goal.
EY’s ESG chain is built on the belief that blockchains are the glue that can connect business processes and global ecosystems across corporate boundaries, said EY Global Blockchain Leader Paul Brody.
“Detailed traceability enables tracking of emissions inventory through tokenization, including the ability to link carbon output to specific product output,” Brody said in a statement. “Using carbon credit tokens, either created or acquired in the marketplace, companies can now gain insight into their actions to decarbonize.”