BlocksInform
samsung america plans to plant two million trees in madagascar by the end of the first quarter of 2022 in an effort to help sequester co2 from the atmosphere and combat climate change. blockchain company veritree will monitor the initiative to track and trace the reforestation process.
Climate change is an increasingly urgent issue, and that individual actions are crucial in the fight against the current crisis, it is increasingly recognized that corporations are the ones with the capacity to make real change. As such, consumer behaviour is evolving to reflect a demand for mindful and sustainable practices.
according to a survey conducted by the ipsos in 2019, 69% of consumers worldwide have changed their consumption patterns due to growing concerns about climate change. research conducted by deloitte also shows that consumers are demanding direct action from brands and business leaders in the matter.
Supply is responsive to demand, and brands seem to be listening to what consumers have to say and taking individual actions to become more sustainable or improve specific global challenges.
Carbon offsets, for example, have become a buzzword in business sustainability. Companies either claim to reduce their carbon footprint, or, as Samsung does, present an action plan to "offset" carbon emissions, often through tree planting. However, measuring how much CO2 is captured by trees is a rather abstract concept. And this is a complex process for measuring carbon offset practices, often leading to greening.
That's where blockchain technology comes into play. Blockchain facilitates the monitoring of project development to ensure that it follows the process and helps measure the overall impact of an initiative.
The Samsung plan seeks to restore 200 hectares of land and sequester over a billion pounds of CO2 in 25 years. The veritree platform will support samsung in field data collection, management of plantation sites and trees, and monitoring the impact of the project. The data will begin to be collected from the time the trees are planted and will give consumers greater transparency of the entire process.
Afforestation is one of the best ways to tackle climate change. Working with veritree, eco-responsible brands like samsung which aim to do good for our planet instead of just less harm can have precise, ground level information on their impact on tree planting," said derrick emsley, co-founder & ceo of veritree. "Our mission is to make it easy to integrate nature-based solutions into any business model and we are thrilled with our strategic partnership with Samsung."
meanwhile, as carbon credits become more common and blockchain ability to trace them proves efficient, the interwork alliance, including accenture and others, have been developing blockchain standards for the matter. and ibm developed a tokenized blockchain offering for renewable energy certificates. in regards to tracing co2 capture, mitsubishi is using blockchain to track the capture and reuse of it.
