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KPMG Airs Blockchain Solution to Help Corporates Offset Carbon Emissions
"Big Four" firm KPMG says its patent-pending blockchain solution will help organizations measure, report and offset their carbon emissions.
Updated May 9, 2023, 3:12 a.m. Published Oct 8, 2020, 11:05 a.m.
"Big Four" professional services firm KPMG has announced a new patent-pending blockchain solution intended to help organizations measure, report and offset their greenhouse gas emissions.
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- According to a Tuesday press release, the firm describes its Climate Accounting Infrastructure (CAI) as a transparent platform that offers companies a means to trace their emissions.
- The CAI is intended to complement an organization's existing systems including IoT sensors with outside data sources to set up an indelible record of emissions on a blockchain.
- The solution comes at a time when investors are broadening their scope beyond "financial factors" to include social and corporate governance practices, KPMG's U.S. blockchain lead, Arun Ghosh, said in the announcement.
- Looking ahead, climate infrastructure will be "critical" in order to meet stakeholder expectations, Ghosh said.
- To bring its solution to market, KPMG will work with industry groups, large tech players and climate-focused tech companies.
- These will include businesses such as blockchain data visualization company Context Labs, software company Prescriptive Data and ConsenSys-backed Allinfra, a blockchain firm already working on carbon offsetting infrastructure.
- In June, KPMG also announced a suite of tools designed to enable corporate customers to better manage their crypto-asset services.
See also: Global Accounting Firm KPMG Partners with Microsoft, R3 on Telecoms Blockchain
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