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.