Last Thursday, NTWKers met Michael Mahoney, Chief Executive at E-liability Institute, who highlighted the importance of applying financial accounting standards to greenhouse gas emission reporting. He raised issues related to current reporting practices that create space for error and increase general lack of trust as well as making it difficult for the companies to act upon their emissions correctly.
Companies need an accurate and measurable accounting system for carbon emissions, starting from the top of the supply chain and using distributed ledgers and blockchain to incentivize decarbonization and hold companies accountable for their environmental impact.
Accounting for carbon emissions as a form of currency using blockchain technology is an exciting opportunity for businesses to differentiate themselves in the commodities industry, while also reducing emissions and promoting sustainability.
Companies need to measure their emissions in order to improve and achieve true Net Zero, which involves offsetting and permanently removing emissions, in order to find a balance between cost efficiency and environmental sustainability.
In the future, there will likely be one system of accountability for different countries and sectors, with blockchain playing a role, but it is uncertain who will be the orchestrator of this platform.
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