The WEF or World Economic Forum is progressing with its blockchain-based project tracking of greenhouse emissions.
In line with a recent official announcement, the WEF’s Mining and Metals Blockchain Initiative, or MMBI, has revealed a symbol of concept to trace carbon emissions for mining and metals firms. This new initiative is a part of the collaboration between the WEF and 7 industry firms: Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur, and Tata Steel.
The project was primarily revealed earlier in October last year, meaning to build responsible sourcing & sustainability practices using blockchain. The initiative aims to accelerate an industry solution for supply chain visibility and promote environmental, social, and governance requirements using blockchain.
As a part of the successful completion of the proof of concept, the MMBI introduced a new carbon tracing platform referred to as the COT. The platform is employing DLT to trace carbon emissions, ensuring traceability of emissions from the mine to the ultimate product.
As per the announcement, the COT platform was developed together with industry experts like Dutch crypto startup Kryha and Susan Joseph, a consortium advisor at the MMBI.
Nadia Hewett, WEF’s blockchain project lead, confirmed that the blockchain features a crucial role in linking industry companies:
“The distributed nature of blockchain technology permits cross-enterprise collaboration and makes it the primary networked technology […] This opens exciting new possibilities that organizations otherwise wouldn’t have the potential to deliver on their own.”
The CEO of Antofagasta Minerals, Ivan Arriagada, added that the new proof of concept demonstrates how firms can collaborate through blockchain to “increase value across the availability chain.”