EY, the global professional services firm, has announced the beta availability and use of EY OpsChain ESG on the EY Blockchain SaaS platform.
Developed on the Ethereum blockchain, the new solution aims to provide a single, verifiable view of CO2 emissions (CO2e) to address the needs of enterprises struggling to accurately measure and track their carbon footprint.
The solution also aims to 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.
Tokenizing products’ emissions provides enterprises with a clear understanding of their CO2e positions, which helps drive better-informed decisions on their ESG journey.
Built to the standards of InterWork Alliance for Carbon Emissions Tokens, EY OpsChain ESG provides immutable reporting on an enterprise’s current CO2e that is independently verifiable through the integration of key emissions data validators.
The solution also enables enterprises to demonstrate the authenticity of the carbon offsets used to reduce their environmental impact as they decarbonize.
Paul Brody, EY Global Blockchain Leader, highlighted the conviction that blockchains are the glue that can link business processes and global ecosystems across enterprise boundaries.
He further noted that detailed traceability allows for tracking of emissions inventory through tokenization, 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 decarbonization.
Sam Azad, EY OpsChain ESG Product Owner, emphasized the importance of transparency in sustainability, stating that it is now table stakes for consumers, business partners, and regulators.
With net-zero targets under more scrutiny than ever before, the new solution presents enterprises with the opportunity to tell their organization’s ESG story on a digitally trusted platform.
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