Big Four firm EY 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 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 tokenisation.
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. 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 authenticity of the carbon offsets used to reduce their environmental impact as they decarbonise.
EY global blockchain leader, Paul Brody, said: “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.
“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.”
EY OpsChain ESG product owner, Sam Azad, said: “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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