Carbon Footprint calculated by Blockchain vs the other tools

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EU urges to use blockchain to measure carbon footprint

The European Commission states: “Blockchain can be utilized through smart contracts to better calculate, track and report on the reduction of the carbon footprint across the entire value chain. It can provide instant authentication, verification of real-time data and clear data records.”

  • promoting the development and adoption of blockchain technologies best suited to reduce their carbon footprint and consider the societal impact of their actions;
  • developing technical assistance and investment programs that support blockchain-based digital innovations that contribute to climate change mitigation and adaptation;
  • accelerating blockchain-based solutions that establish a network between suppliers and consumers to include all societal stakeholders;
  • supporting sustainable finance initiatives and promoting the use of blockchain-enabled technologies for financing climate actions through green bonds;
  • supporting EU countries and national government agencies to collaborate in the development and adaptation of blockchain-based solutions that support climate actions and the reduction of greenhouse gas emissions.

Sustainable Development Is The Only Future: Carbon Footprint

The data provided by the United Nations is alarming, to the extent that even if all countries were to meet the targets established in the Paris Agreement, we would still be a third away from meeting the reduction needed to keep the planet at a sustainable margin.

Blockchain’s CO2 Emissions calculator

Blockchain is a powerful tool for organizations to improve the transparency, accountability, and traceability of their gas emissions. With it, they can provide more accurate, reliable, standardized, and more accessible data. Applications of blockchain technology are almost limitless. One of the most relevant areas of application is within carbon emission data management; an area rife with opacity.

  • Transparency: Every emission offset transaction is visible to anyone who wants to access the information,
  • Improved trading of carbon emissions: It facilitates the control and compliance with carbon quotas,
  • Improved climate finance flows: It facilitates the development of platforms for renewable energy exchanges,
  • Improved tracking of reports: This is a key point that would help in drafting policies that encourage greenhouse gas emission reductions.

Use Case: Carbon Accounting by the Chinese blockchain VeChain

China is arguably facing the greatest challenge of all, having vowed to reach net-zero emissions by 2060, with carbon emissions peaking no later than 2030. VeChain, with its array of mature blockchain technologies, intends to help catalyze the digitalization of carbon data and help facilitate China’s emissions reductions ambitions.

Three other Carbon Footprint calculation tools

Throughout France, 218 operators are approved to perform these assessments. Among the multiple French actors authorized (Greenflex, ClimatPartner, Sami, Karbon…), two were chosen. My choices are based on press releases from French wine industry actors. Note that Greenflex (a subsidiary of TotalEnergies) works with the Bordeaux professional organization (CIVB).

Conclusion

I note that most of the carbon footprint or carbon footprint calculators use almost all the same methodologies: those validated by the European Union and/or by their national official body.

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David BECK

David BECK

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AI • Blockchain — David is a former Entrepreneur, Contributor to French government publication. He is now a Teacher, Researcher, Expert at La (French) WineTech.