EY Launches Ethereum-Based Carbon Emission Tracking Platform

The EY OpsChain ESG made the announcement at the firm’s Global Blockchain Summit in London.

AccessTimeIconMay 10, 2023 at 12:00 p.m. UTC
Updated May 10, 2023 at 5:27 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

EY, the professional services giant, has started an Ethereum-based platform for enterprises to track their carbon emissions and carbon credit traceability.

The EY OpsChain ESG made the announcement at the firm’s Global Blockchain Summit in London. The platform is now available in beta version on the EY Blockchain SaaS platform.

The system uses carbon emission tokens developed by standards body the Microsoft-backed InterWork Alliance, part of the Global Blockchain Business Council (GBBC), of which EY is also a member.

Over the past few years, enterprises have looked to blockchain technology to track and trace elements of their workflows, from trade finance to food products. Keeping tabs on carbon emissions and credits has been a focus for many in the environmental and social governance arena, and EY has been a long time advocate for using the public Ethereum blockchain to achieve this goal.

EY’s ESG chain is based on the conviction that blockchains are the glue that can link business processes and global ecosystems across enterprise boundaries, said EY Global Blockchain Leader Paul Brody.

“Detailed traceability allows for tracking of emissions inventory through tokenization including the ability to link carbon output to specific product output,” Brody said in a statement. “By using carbon credit tokens, either created or sourced on the market, enterprises can now have visibility into their actions toward decarbonization.”

Edited by Parikshit Mishra.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.