EY Introduces OpsChain ESG for Carbon Traceability
EY has launched a beta version of EY OpsChain ESG on its SaaS platform, built on the Ethereum blockchain.
By providing a trustworthy and unified view of CO2 emissions (CO2e), this solution aims to address the difficulty businesses face in accurately measuring and tracking their carbon footprint.
Through the use of tokenisation, the platform will facilitate carbon credit traceability and enhance transparency for consumers, business partners, and regulators within the ecosystem.
EY OpsChain ESG utilises emission tokenisation to offer companies a comprehensive view of their CO2e positions, which assists in making informed decisions on their ESG journey. The solution adheres to the InterWork Alliance standards for Carbon Emissions Tokens, providing immutable and independent reporting on an enterprise's current CO2e with the integration of key emissions data validators.
Moreover, the platform enables companies to demonstrate the legitimacy of their carbon offsets, used to reduce their environmental impact while on their path towards decarbonisation.
According to Paul Brody, EY Global Blockchain Leader, EY OpsChain ESG is built on the belief that blockchains can bridge business processes and global ecosystems across enterprise boundaries. Tokenisation enables detailed traceability, allowing companies to track their emissions inventory and link carbon output to specific product output. By using carbon credit tokens, either created or sourced on the market, companies can now monitor their progress towards decarbonisation.
Sam Azad, EY OpsChain ESG Product Owner, added that transparency in sustainability is a must-have for consumers, business partners, and regulators, and the new solution provides a trusted platform for enterprises to showcase their ESG efforts.
For further information on accessing the EY OpsChain ESG beta, visit blockchain.ey.com.
To view and compare company ESG Ratings and Sustainability Reports across sectors, follow our Company ESG Profiles page.