EY, the global professional services firm, has launched a new platform on the Ethereum blockchain to enable enterprises to monitor and trace their carbon emissions and carbon credits. The announcement of the EY OpsChain ESG platform took place at the firm’s Global Blockchain Summit held in London. Currently, the platform is available in its beta version on the EY Blockchain SaaS platform.
The EY system utilizes carbon emission tokens developed by the InterWork Alliance, a standards organization supported by Microsoft and a member of the Global Blockchain Business Council (GBBC), in which EY is also actively involved.
In recent years, companies have increasingly turned to blockchain technology to enhance transparency and accountability across various aspects of their operations, including trade finance and supply chain management. The focus on tracking carbon emissions and credits has been particularly important within the realm of environmental and social governance. EY has consistently advocated for the utilization of the public Ethereum blockchain to address these objectives.
The EY ESG chain operates under the premise that blockchains can serve as the vital link connecting business processes and global ecosystems across enterprise boundaries. According to EY Global Blockchain Leader Paul Brody, the platform’s comprehensive traceability feature facilitates the tracking of emissions inventory through tokenization, enabling businesses to establish a direct correlation between carbon output and specific product output. Brody emphasized the significance of this development, stating, “By employing carbon credit tokens, which can be either generated or acquired from the market, enterprises can now gain visibility into their efforts towards decarbonization.”