Prestigious accounting firm KPMG is set to introduce its Blockchain-based Climate Accounting Infrastructure (CAI) that will help control greenhouse emissions. Thanks to KPMG’s CAI, organizations will now be able to measure, report and offset emissions.
New system to help store environmental data
CAI will use the Blockchain to store environmental data in a financial system as part of KPMG’s climate risk assessment and valuation mechanism. CAI will integrate an organization’s existing systems, to form patterns and trail its emissions and offsets.
Thanks to CAI, organizations will no longer have to talk about environmental preservation in vague terms. Things will now be quantifiable as the solution seeks to help companies meet environmental, social, and corporate governance targets.
KPMG’s strong partners
The accounting giant is working with Data Provenance as well as expert trackers, Context Labs and Prescriptive Data to help companies track efficiently. KPMG is also working with Blockchain firm Aliinfra to help give the project a firm Blockchain foundation.
None could be happier about the integration of Blockchain into the project than KPMG’s U.S Blockchain leader Arun Ghosh. He expressed that the use of Blockchain would help ensure the integrity of the data, “to meet stakeholder expectations and to comply with emerging regulations.” He went on to emphasize the importance of the emissions tracking exercise.
“As investors broaden their focus beyond financial factors to include ESG practices, organizations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress.”
KPMG predicted earlier this year that the Blockchain, in conjuction with Internet of Things (IoT) would lead the development of climate change solutions all over the world. The development of CAI certainly helps the probability of that prediction coming true. Mercedes Benz and Circulor are other organizations that are exploring how Blockchain can help slow down environmental degradation. The two have partnered to help reduce Co2 emissions.
CAI is friendly to a wide range of organizational systems including IoT sensors
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