Mining firms to use blockchain to meet emissions goals

The World Economic Forum’s Mining and Metals Blockchain Initiative has released a proof of concept to trace emissions across the supply chain using distributed ledger technology.

The initiative is a collaboration between seven global companies and the World Economic Forum (WEF) that aims to accelerate an industry solution for operational visibility and ESG requirements.

The proof of concept, named the COT - a carbon tracing platform - will be “critical” in helping to ensure traceability of emissions from “mine to the final product”, said the WEF.

The founding members of the Mining and Metals Blockchain Initiative (MMBI) are Anglo American, Antofagasta Minerals, Eurasian Resources Group, Glencore, Klöckner & Co, Minsur, and Tata Steel, who joined forces in October 2019 to design and explore blockchain solutions to accelerate “responsible sourcing” in the industry.

The proof of concept - developed in conjunction with blockchain consulting firm Kryha - not only tests the technological feasibility of the solution, but also “explores the complexities of supply chain dynamics” and “sets requirements for future data utilisation”.

“There is an increasing demand for metals and minerals and an increasing demand for sustainable, responsible and traceable supply chains, said Jörgen Sandström, head of mining and metals industry at the World Economic Forum.

“There is potential to create a full value chain view with downstream visibility, and in partnering with regulators and aligning our work with robust ESG standards, sustainability certification schemes and assurance frameworks.”

Peter Whitcutt, marketing chief executive of Anglo American, said: “By leveraging cross-industry collaboration and the increasingly important role played by technology innovation, this proof of concept can help to unlock the potential of blockchain to support a greater level of reporting transparency and drive responsible sourcing.”

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