EY launches blockchain sustainability solution beta

EY has announced beta availability of its blockchain-based sustainability solution, EY OpsChain ESG.

Developed on the Ethereum blockchain, the new solution – which will feature on EY’s Blockchain SaaS platform – will provide a single, verifiable view of CO2 emissions.

This, says EY, will “address the needs of enterprises that struggle to accurately measure and track their carbon footprint”. 

It adds: “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 emissions, OpsChain ESG helps organisations make better-informed ESG decisions. Reporting is also “independently verifiable through key emissions data validators”, it says.

OpsChain ESG verifies carbon offsets

The solution is designed to enable businesses to demonstrate the authenticity of carbon offsets used to reduce their environmental impact as they decarbonise.

Paul Brody, EY Global Blockchain Leader, says: “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.”

Sam Azad, EY OpsChain ESG Product Owner, says: “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 ESG story on a digitally trusted platform.”