EY, the professional services giant, has started an Ethereum-based platform for enterprises to track their carbon emissions and carbon credit traceability.
The EY OpsChain ESG made the announcement at the firm’s Global Blockchain Summit in London. The platform is now available in beta version on the EY Blockchain SaaS platform.
The system uses carbon emission tokens developed by standards body the Microsoft-backed InterWork Alliance, part of the Global Blockchain Business Council (GBBC), of which EY is also a member.
Over the past few years, enterprises have looked to blockchain technology to track and trace elements of their workflows, from trade finance to food products. Keeping tabs on carbon emissions and credits has been a focus for many in the environmental and social governance arena, and EY has been a long time advocate for using the public Ethereum blockchain to achieve this goal.
EY’s ESG chain is based on the conviction that blockchains are the glue that can link business processes and global ecosystems across enterprise boundaries, said EY Global Blockchain Leader Paul Brody.
“Detailed traceability allows for tracking of emissions inventory through tokenization including the ability to link carbon output to specific product output,” Brody said in a statement. “By using carbon credit tokens, either created or sourced on the market, enterprises can now have visibility into their actions toward decarbonization.”
Edited by Parikshit Mishra.