EY, a renowned professional services organization worldwide, has introduced a new platform based on Ethereum designed to assist businesses in monitoring their carbon emissions and the origin of their carbon credits.
At the EY Blockchain Summit, which took place in London, the new platform known as EY OpsChain ESG was introduced.
Carbon emission tokens developed by the InterWork Alliance, a standards group funded by Microsoft and a member of the global blockchain business council (GBBC), of which EY is also a member, are now accessible on the beta version of the EY Blockchain SaaS platform.
GBBC is an organization that promotes the use of blockchain technology for business purposes.
Paul Brody, the global leader of blockchain at EY, believes that blockchain technology has the potential to act as the “glue” that binds together global ecosystems and business processes that extend beyond company boundaries.
As a result, this conviction serves as the foundation for the new platform.
In addition, he said that the ability to tie carbon production to specific product output makes it feasible to monitor carbon emissions inventory via tokenization. This is something that he mentioned before.
The development of the EY OpsChain ESG platform marks a big step forward in environmental and social governance. This topic has garnered the attention of several professionals working in environmental and social governance.
Blockchain technology is used by companies in various sectors, from the trade finance business to the food industry, to monitor and track different elements of their operations.
Carbon credit tokens, which can either create themselves or buy on the market, now allow companies to keep tabs on the progress of their decarbonization initiatives.
By launching its EY OpsChain ESG platform, EY is making a significant contribution to the effort to combat the effects of global warming.
With the assistance of this platform, businesses will be able to keep track of their carbon production and the origin of the carbon credits they possess, making it more straightforward for them to accomplish their sustainability objectives.
On the EY Blockchain SaaS platform, businesses are strongly encouraged to try the beta version and provide feedback to assist further development and expansion.