KPMG has announced the launch of a blockchain-based offering intended to help organisations more accurately measure and offset greenhouse gas emissions.
The patent-pending capability, known as Climate Accounting Infrastructure (CAI), will integrate a company’s existing systems, including IoT sensors, with external data sources to establish a verifiable data trial of emissions recorded on blockchain.
The professional services firm is working with a variety of partners to get the initiative off the ground, including companies in the field of climate technology, such as Context Labs, Prescriptive Data and Allinfra.
The rationale is outlined thus: “In 2020, organisations globally are expected to report sustainability practices and results to meet environmental, social and corporate governance demands of capital markets investors,” the company wrote. “At the same time, carbon emissions requirements continue to evolve and expand.
“In order to achieve both enterprise and compliance objectives, they need a trusted and transparent system to measure, account for, and report on emissions data.”
Sustainability within blockchain is a key topic right now, with various commitments and navel-gazing taking place. Earlier this month, as this publication reported, Ripple committed to becoming carbon net-zero by 2030. The company added it was ‘urging all crypto players to hold themselves accountable – monitoring their energy consumption to make greener choices.’
“As investors broaden their focus beyond financial factors to include ESG practices, organisations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress. Trusted reporting capabilities, such as those enabled by Climate Accounting Infrastructure, will be critical to meet stakeholder expectations and to comply with emerging regulations,” said Arun Ghosh, KPMG US blockchain leader in a statement.
You can find out more in a paper here.
Read more: Ripple: How cryptocurrency can be a viable route to sustainability for financial technology
Photo by Anne Nygård on Unsplash
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Credit: Blockchain News