- Built to the Carbon Emissions Tokens standards of the InterWork Alliance for standardized data requirements
- To provide immutable reporting on an enterprise's current CO2e position
- Builds trust in using voluntary carbon credits to offset emissions
LONDON, May 10, 2023 /PRNewswire/ -- The EY organization today announced the beta availability and use of EY OpsChain ESG on the EY Blockchain SaaS platform. Developed on the Ethereum blockchain, the new solution will provide a single, verifiable view of CO2 emissions (CO2e) to address the needs of enterprises that struggle to accurately measure and track their carbon footprint. 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 tokenization.
By tokenizing products' emissions, EY OpsChain ESG provides enterprises with a clear understanding of their CO2e positions, which helps drive better informed decisions on their ESG journey. Built to the standards of InterWork Alliance for Carbon Emissions Tokens, EY OpsChain ESG provides immutable reporting on an enterprise's current CO2e that is independently verifiable through the integration of key emissions data validators. The solution also enables enterprises to demonstrate authenticity of the carbon offsets used to reduce their environmental impact as they decarbonize.
Paul Brody, EY Global Blockchain Leader, says:
"Like all EY enterprise solutions, 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 tokenization 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 decarbonization."
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 organization's ESG story on a digitally trusted platform."
Further information about beta access to the EY OpsChain ESG solution is available at blockchain.ey.com.
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data, and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.
This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.
Stephanie Kruczek
EY Global Media Relations
(512) 426-2281
stephanie.kruczek@ey.com
Logo - https://mma.prnewswire.com/media/1721690/EY_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/ey-launches-ey-opschain-esg-to-provide-a-trusted-platform-for-emissions-and-carbon-credit-traceability-through-tokenization-301818841.html
