Real time emissions monitoring: the foundation of a blockchain enabled carbon economy

Abstract

With 49% of the world’s gross domestic product under net zero goals, the global community is changing in how it treats emissions and carbon releases, with shareholders, stakeholders and investors demanding transparency on current performance and strategies to reduce or offset emissions. High frequency, reliable data empowers an organisation to strategically optimise and track emissions to 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 carbon footprinting solution, which provides a holistic view of total greenhouse gas emissions, requires a combination of carbon accounting, control system integration, emissions monitoring and greenhouse gas reporting software, to deliver an automated, reliable and verifiable real-time emissions/carbon reporting solution. This solution is also critical in providing managed data which can be utilised in the carbon economy and when combined with a blockchain platform, results in a holistic data transfer chain for emissions reporting which is secure, transparent and trusted throughout industry and government. The role of comprehensive, connected environmental monitoring will be explored in the role of effective emissions offset and carbon trading economies with blockchain supported technologies being presented as an enabling aspect of the overall solution. Smart contracts embedded within a blockchain solution could automate trading mechanisms however require quality emissions monitoring data as a foundation for successful implementation. The role of quality emissions monitoring and governance in this process will be presented together with implications for industry and government for the carbon economy.

Using expertise as an intermediary: Unleashing the power of blockchain technology to drive future sustainable management using hidden champions

“…Finally, blockchain enables streamlined and efficient processes through automated transactions using smart contracts. Smart contracts can automate tasks such as verifying and executing sustainability commitments, enabling real-time monitoring, and facilitating seamless transactions [ [68] , [69] , [70] , [71] ]. This reduces administrative burdens, minimizes errors, and improves overall efficiency in sustainable management practices.…”

“…Blockchain technology facilitates the integration of expertise as an intermediary in sustainable management practices, offering a powerful framework for collaboration, transparency, and trust. Firstly, blockchain provides a decentralized and distributed ledger system that enables experts from various domains to contribute their knowledge and insights in a transparent and secure manner [ [66] , [67] , [68] , [69] ]. Through the use of smart contracts, experts can participate in the validation and verification of sustainability-related data, ensuring its accuracy and reliability.…”

“…Thirdly, blockchain technology ensures the immutability and integrity of data, preventing tampering or unauthorized modifications. This feature is crucial in maintaining the credibility and trustworthiness of expertise in sustainable management [ [68] , [69] , [70] , [71] , [72] ]. Experts can contribute their knowledge and insights to the blockchain network, knowing that their contributions are securely recorded and cannot be altered without consensus from the network participants.…”

“…Moreover, blockchain can play a vital role in fostering sustainable finance and impact investing. Through tokenization and smart contracts, blockchain can enable fractional ownership of sustainable assets and facilitate investments in projects with positive environmental or social impacts [ 68 , 69 ]. This can unlock new funding opportunities for sustainable initiatives and promote the alignment of financial resources with sustainability goals.…”

“…Carbon emissions tracking is a critical component of addressing climate change, and blockchain technology presents a powerful tool for enabling accurate measurement and verification of emissions reduction efforts [ [65] , [66] , [67] , [68] , [69] ]. By leveraging blockchain, stakeholders can establish a transparent and immutable ledger that records carbon emissions data throughout the supply chain and value chain.…”