KPMG Airs Blockchain Solution to Help Corporates Offset Carbon Emissions

Oct 8, 2020 at 11:05 UTC."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.

According to a Tuesday press release, the firm describes its Climate Accounting Infrastructure 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.

In order 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.