KPMG Reveals Blockchain-Based Climate Accounting Infrastructure (CAI) for Greenhouse Gas Tracking

KPMG, an international accounting giant, has launched a blockchain-based solution for tracking climate emissions. The new blockchain-based system is called Climate Accounting Infrastructure (CAI), which would enable big organizations and companies to monitor their carbon emission and offset their greenhouse gas emissions.

Climate change has been one of the most critical issues in recent times. Major firms and organizations have come together to monitor and decrease their respective organizations' carbon footprint.

The CAI blockchain solution would store environmental data in a financial system that could be utilized by the partner firms to meet their Environmental, Social, and Corporate Governance (ESG) targets.

CAI can be integrated with a company's existing systems with external data sources, which would record its emissions. The data would be recorded on the blockchain system to ensure secure storage.

KPMG partnered with data provenance and tracking providers Context Labs and Prescriptive Data, and the blockchain firm Allinfra, on the product side. Context Labs is responsible for enriching organizations' emission data, matching it with environmental context, and later recording and certifying the data on the blockchain system.

Arun Ghosh, the head of KPMG’s U.S. blockchain, commented on the launch of their new blockchain-based system and how it would ensure greater transparency. He said,

“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.”

How Would CAI Help Organizations Become More Environment Friendly?

The blockchain-based CAI solution would help organizations comply with the latest environmental regulations and model the impacts and risks based on their business model with real-time data.

Climate change is real, and many big tech firms with large carbon footprints have pledged to bring it down to zero in the near future. With the rising earth's temperature and melting glaciers, discussions around climate change have become the need of the hour. And Blockchain is definitely going to help in enhancing and furthering that goal with properties such as transparency and accountability.

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Rebecca Asseh
Rebecca Asseh
Rebecca Asseh is a blockchain and cryptocurrency journalist fascinated with sharing the knowledge of this technology in the simplest language possible.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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