WEF Progressing With its Blockchain-Based Project Tracking of Greenhouse Gas Emissions
A new proof-of-concept reveals how blockchain enhances value over the supply chain.
The World Economic Forum is growing with its blockchain-based project tracking greenhouse gas emissions.
According to a Dec. 15 statement, the WEF’s Mining and Metals Blockchain Initiative has published a proof-of-concept to trace carbon emissions for mining and metals firms. The action is a collaboration within the WEF and seven industry companies: Anglo American, Eurasian Resources Group, Antofagasta Minerals, Glencore, Minsur, Klöckner & Co, and Tata Steel.
The project was originally announced in Oct 2019, aiming to build effective sourcing and sustainability methods using blockchain. The action aims to stimulate an industry solution for supply chain visibility and improve environmental, social and governance requirements using blockchain.
As a section of the successful completion of the proof of concept, the MMBI launched a new carbon tracing platform acknowledged as the COT. The platform is utilising distributed ledger technology to track carbon emissions, assuring traceability of emissions from the mine to the end product.
According to the release, the COT platform was developed in collaboration with industry specialists like Dutch crypto startup Kryha and Susan Joseph, a consortium advisor at the MMBI.
WEF’s blockchain project lead, Nadia Hewett, described that blockchain has a significant role in connecting industry companies:
“The distributed nature of blockchain technology enables cross-enterprise collaboration and makes it the ultimate networked technology [...] This opens exciting new possibilities that organizations otherwise would not have the capability to deliver on their own.”
CEO of Antofagasta Minerals, Ivan Arriagada, stated that the new proof-of-concept demonstrates how corporations can cooperate through blockchain to “increase value across the supply chain.”’
Several companies and organizations across the globe have been actively searching for the advantages of blockchain technology for carbon emissions tracking. In April 2020, the ICC or International Chamber of Commerce started its new Carbon Council initiative, using blockchain to build higher liquidity for the carbon market. In October 2019, AirCarbon, a digital carbon exchange started a tokenized carbon credits trading platform for airlines and the aviation industry in Singapore.
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