As organizations come under pressure to ramp up climate change policies, accounting giant KPMG has launched a new blockchain-based solution. 2550 57 2:11 KPMG unveils blockchain solution to track climate emissionsNEWS International accounting firm KPMG has unveiled its blockchain based Climate Accounting Infrastructure (CAI) solution to help organizations measure, report, and offset their greenhouse gas emissions. CAI uses blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations. It aims to help companies meet environmental, social, and corporate governance (ESG) targets. The solution integrates an organization's existing systems, including IoT sensors, with external data sources to establish a verifiable trail of emissions and offsets recorded on blockchain. The accounting giant collaborated with data provenance and tracking providers Context Labs and Prescriptive Data, and blockchain firm Allinfra, on the product. Context Labs enriches emissions data provided by organizations with environmental context, before recording and certifying environmental, operational, and financial information. According to KPMG’s U.S. blockchain leader Arun Ghosh the use of blockchain means data reports will be disclosed in a transparent and trustworthy manner in order “to meet stakeholder expectations and to comply with emerging regulations.” “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.” Organizations will also be able to model the impact of climate risks on business operations and financial performance through real-time environmental data and advanced analytics. Earlier this year, KPMG predicted that blockchain, in conjunction with Internet-of-Things (IoT), would lead the development of neclimate change solutions around the world. Other large corporations are also exploring how blockchain can improve reporting capabilities of solutions that track greenhouse gas emissions. Earlier this year, Mercedes-Benz partnered with blockchain startup Circulor to track CO2 emissions. Volvo has also partnered with the startup to develop its own project, tackling the same problem. Carbonblock has also developed a solution to increase transparency of climate related factors in the Porsche supply chain . #Blockchain #Business #Technology #KPMG #Regulation RELATED NEWS Building Empires: Biggest Crypto Exchanges Push for Global Presence Crypto payments company wants to usher Africa into a new digital age Google Cloud bets on EOS blockchain, venturing further into crypto NFTs take on DeFi? Nonfungible tokens push to be the next crypto craze SEC vs. Telegram: Part 1 — Key takeaways for now SEC vs. Telegram: Part 2 — The case against integrating the two prongs of a SAFT COINTELEGRAPH YOUTUBE Subscribe SAMUEL HAIG 17 MINUTES AGO Legal firms sling mud in $8.3M Tezos settlement fees battle Six law firms are fighting over how to distribute $8.3M in attorney’s fees from the Tezos’ $25M class action settlement. 511 4 1:52 NEWS Negotiations between six legal firms over $8.3 million in attorney’s fees awarded from Tezos’ $25 million class-action settlement has descended into “unseemly mudslinging,” according to lawyers representing Block & Leviton LLP (B&L) and Hagens Berman Sobol Shapiro LLP. The $25 cash million settlement agreement with Tezos (XTZ) was approved in September, ending class-action claims that the firm distributed unregistered securities through its 2017 initial coin offering (ICO). On October 7, the two firms asked U.S. District Judge Richard Seeborg to deny a motion for counsel fees filed in September by Hung G. Ta Esq. PLLC (HGT), LTL Attorneys LLP, the Restis Law Firm PC, and Lite DePalma Greenberg LLC. The motion sought an order compelling Block & Leviton to return funds it had “unilaterally” distribute