EY has announced the launch of a transparent solution to help companies accurately measure and their track carbon footprint.
Developed on the Ethereum blockchain, the new solution – EY OpsChain ESG (available on the EY Blockchain SaaS platform), will provide a single, verifiable view of CO2 emissions (CO2e) to address the needs of enterprises that struggle to accurately measure and track their carbon footprint. It will also provide consumers, business partners and regulators with the transparency they demand via a trusted platform for emissions and carbon credit traceability within an ecosystem through the use of tokenization.
By tokenising products’ emissions, EY OpsChain ESG provides enterprises with a clear understanding of their CO2e positions, which helps drive better informed decisions on their ESG journey. The solution also enables enterprises to demonstrate authenticity of the carbon offsets used to reduce their environmental impact as they decarbonise.
TRANSPARENCY IN SUSTAINABILITY
“Like all EY enterprise solutions, EY OpsChain ESG was developed based on the conviction that blockchains are the glue that can link business processes and global ecosystems across enterprise boundaries,” stated Paul Brody, EY Global Blockchain Leader. “Detailed traceability allows for tracking of emissions inventory through tokenisation including the ability to link carbon output to specific product output. By using carbon credit tokens, either created or sourced on the market, enterprises can now have visibility into both their actions towards decarbonisation.”
Sam Azad, EY OpsChain ESG Product Owner, added: “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 organisation’s ESG story on a digitally trusted platform.”
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