Ethereum

Carbon

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Professional services provider Ernst &amp; Young (EY) said it has <a aria-label="rolled out (opens in a new tab)" href="https://www.prnewswire.com/news-releases/ey-launches-ey-opschain-esg-to-provide-a-trusted-platform-for-emissions-and-carbon-credit-traceability-through-tokenization-301818831.html" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">rolled out</a> the beta version of a blockchain platform that allows enterprises to keep tabs on their carbon footprint. Built on Ethereum, EY expects the platform to help its enterprise clients tokenize their products’ <a aria-label="CO2 emissions (opens in a new tab)" href="https://ourworldindata.org/co2-and-greenhouse-gas-emissions" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">CO2 emissions</a> (CO2e).</p> 
<h3 id="ey-plans-to-tokenize-products-emission">EY Plans to Tokenize Products’ Emission</h3> 
<p>EY, a UK firm providing professional services, announced on Wednesday the launch of <a href="https://www.ey.com/en_gl/blockchain-platforms/opschain-environmental-social-governance" target="_blank" aria-label="EY OpsChain ESG (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">EY OpsChain ESG</a> – a blockchain-based platform that enables enterprises to track and measure their CO2e. The solution, built on the Ethereum blockchain, is currently available in beta version on the EY Blockchain SaaS platform.</p> 
<p>The EY OpsChain ESG platform “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,” EY said in the press release.</p> 
<p>Additionally, by tokenizing products’ emissions, the platform provides enterprises with clear insights into their carbon footprint, allowing them to make better-informed decisions on their future <a href="https://tokenist.com/investing/esg-investing/" rel="dofollow" class="deco-link">environmental, social, and governance</a> (ESG) journey. EY OpsChain ESG is built in line with the standards of InterWork Alliance for Carbon Emissions Tokens, enabling businesses to issue immutable reports on their current CO2 emissions. Ultimately, the platform also allows enterprises to “demonstrate authenticity of the carbon offsets” used to lower their impact on their environment as they cut their CO2e.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow">Telegram group</a>&nbsp;and never miss a breaking digital asset story.</p> 
 </div> 
</div> 
<h3 id="why-are-enterprises-tapping-blockchain-and-dlt-technologies-to-track-co2e">Why are Enterprises Tapping Blockchain and DLT Technologies to Track CO2e?</h3> 
<p>EY’s latest product is the latest example of how enterprises continue to tap blockchain technology to track their CO2 emissions and credits and other parts of their workflows.</p> 
<p>Thanks to the decentralized and transparent nature of the blockchain and distributed ledger technology (DLT), enterprises can create a secure and unchangeable record of their emissions data, allowing for greater accountability and transparency in their ESG efforts. This makes it easier for companies to meet regulatory requirements, reduce their carbon footprint, and build trust with stakeholders by demonstrating their commitment to environmental sustainability.</p> 
<p>Meanwhile, blockchain-related firms are also making efforts to trim their carbon footprint. A recent study by Forex Suggest showed that Ethereum’s <a href="https://tokenist.com/ethereums-annual-co2-emission-dropped-from-21-95m-tons-to-just-8-8k-tons/" rel="dofollow" class="deco-link">CO2 emissions fell</a> to 8,824 tons from 21.95 million tons in just a year, mainly due to the <a href="https://tokenist.com/ethereum-foundation-announces-official-date-for-the-merge/" rel="dofollow" class="deco-link">Merge upgrade</a> in September that moved Ethereum from the proof-of-work (POW) to the proof-of-stake (POS) model.</p> 
<div class="cta-sub js__cta-sub"> 
 <div class="cta-sub__start" data-step="1"> 
  <div class="cta-sub__title">
   <strong>Finance is changing.</strong>
  </div> 
  <div class="cta-sub__subtitle">
   Learn how, with Five Minute Finance.
  </div> 
  <div class="cta-sub__excerpt">
   A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.
  </div> <button type="button" class="btn">Try it out (for free)</button> 
 </div> 
 <div class="cta-sub__form" data-step="2" style="display: none;"> 
  <script type="text/javascript" src="https://app.getresponse.com/view_webform_v2.js?u=QcLhh&amp;webforms_id=zw3Wv"></script> 
 </div> 
 <div class="cta-sub__result" data-step="3" style="display: none;"> 
  <div class="cta-sub__title">
   Awesome
  </div> 
  <div class="cta-sub__caption">
   You’ve subscribed.
  </div> 
  <div class="cta-sub__greeting">
   You’re well on your way to being in the know.
  </div> 
 </div> 
</div> 
<p><em><strong>Do you think we will see more non-crypto firms turn to blockchain technology to track some of their workflow elements in the future? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/ey-launches-carbon-emission-tracking-platform-on-ethereum/">EY Launches Carbon Emission Tracking Platform on Ethereum</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

EY Launches Carbon Emission Tracking Platform on Ethereum

Table of Contents

TokenInsight

Other articles published on May 10, 2023

Crypto Presales That Can Make You A Millionaire: Floki Inu, DeeLance And Dogemiyagi

Robinhood Up 2%+ After-Hours on Better-Than-Expected Q1 Report

Solitaire Blitz – A Game For Fun, Glory, and $RLY Rewards

Shido - Infinitely Scalable Layer 1

Bank of Canada Consults Citizens on Potential Digital Dollar

Shocking Transfer: OKX Sends $60 Million in Digital Assets to Failed Hedge Fund Alameda Research

Join our free newsletter for daily crypto updates!