TECH & AI
“While blockchain technology has come a long way in the last few years , we need to remember that we are just at the very beginning of this exciting journey ”
CLARE ADELGREN GLOBAL HEAD OF BLOCKCHAIN OPERATIONS , EY
OpsChain ESG by EY
OpsChain ESG by EY is a cutting-edge blockchain platform designed to enhance ESG reporting and transparency . It empowers organisations to securely track and share ESG data , fostering sustainability and responsible business practices .
“ Our EY OpsChain ESG solution is focused specifically on enabling emissions and carbon credit transparency ,” Aldegran explains . With its innovative features , OpsChain ESG helps companies navigate the evolving landscape of ESG compliance and impact measurement . “ Built to the data standards of the InterWork Alliance for Carbon Emissions tracking , EY OpsChain ESG allows companies to track and report their scope 1 , 2 or 3 emissions data at a product level . Similarly , an organisation can also tokenize their carbon offsets data , providing further transparency .”
And with a flurry of new businesses entering the sector , blockchain provides an opportunity to start on the right foot . Established organisations looking to paint a truly credible picture of their emissions contributions will be presented with much more complexity than the newbies recording their data in a public digital space from the get-go .
“ For the renewable energy sector with such diverse players , many of whom are new companies with new business models , blockchain technology can allow organisations to track data from disparate sources , validating its origin and providing us with the peace of mind where we know that it cannot be altered ,” Adelgren adds .
In terms of physical security , the blockchain has been praised by many for its reputable , resilient characteristics . Adelgren explains there are “ several ways that blockchain technology can help enterprises to implement on their net zero goals and make tangible progress .”
She continues : “ Immutable reporting on an enterprise ’ s current emissions levels that are independently verifiable through the integration of key emissions validators allows organisations to track their emissions through the supply-chain and make informed decisions that will accelerate their plans to net zero .”
While traceability is the key to corporate sustainability , blockchain can build the data trail that leads businesses back to their roots .
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