With 49% of the world’s GDP under net zero goals, the global community is changing in how it treats emissions and carbon releases. Shareholders, stakeholders and investors are demanding transparency on current performance and strategies to reduce or offset emissions. Annual reporting provides only a lagging indicator of performance. High frequency, reliable data on greenhouse gas emissions is necessary to empower an organization to strategically optimize and reach committed goals from the asset level to the board room and across direct, indirect and supply chain sources (Scope 1, 2 and 3).
A comprehensive carbon footprinting solution requires the integration of multiple data sources, each providing measurements at different frequencies and with varying levels of quality. The ability to assign a confidence level to emissions for each source is a crucial component for optimization and analytics. If the information generated is complete, fully auditable and securely signed, it can be combined with a blockchain platform for additional opportunities. This will result in secure, transparent data with an unprecedented level of quality for emissions reporting that can be trusted throughout industry and government.
A real-time carbon footprint solution developed for a refinery in the United States and a public water utility in the United Kingdom will be shared. Additionally, results from a pilot evaluating how this information can bring value to industry, governments, and the public using smart contracts in an existing blockchain platform will be presented. Finally, the additional potential when further integration with carbon capture and offset programs is developed will be discussed.
