Finboot: Blockchain Holds The Key To Heavy Industries Reaching Net Zero

Tech firm Finboot today declares that blockchain holds the key to reaching net zero.

World Economic Forum White Paper, Blockchain for Scaling Climate Action, published Tuesday 25 April 2023: “Blockchain is a powerful tool that can provide breadth and depth to climate mitigation and adaptation efforts by democratizing ownership, improving transparency and integrity, and enabling real-time visibility into emissions reduction and sequestration efforts.”

According to the Brookings Institution energy, steel, cement and chemicals are the “top emitting industries and are among the most difficult to decarbonise”, particularly around scope three – end user – emissions.

As the climate crisis deepens business leaders and policymakers are looking for solutions to get to net zero. Carbon intensive industries like oil and gas, steel, cement and chemical manufacture are among the toughest to transition. To decarbonise, these vital industries, need to build green tech and renewable energy infrastructure and industrial tech must be invested in and rolled out quickly. As the World Economic Forum has very clearly indicated blockchain has a vital role to play in measuring, tracking and setting ESG linked goals.

Juan Miguel Perez, CEO and Co-Founder, Finboot, says: “Capital intensive industries like energy, chemicals, steel and concrete, can find it more difficult to de-carbonise but we are increasingly seeing them turn to emerging technology as part of the solution. As the World Economic Forum states blockchain can be a conduit to enabling these businesses to become more sustainable.

“Since 2021 Finboot has been working with the chemicals giant, SABIC, to increase the circularity of its supply chain, reduce emissions, increase efficiency and save money. They are a leading example when it comes to innovating to help transition their operations to become more sustainable.”

Natalia Ruiz, Managing Partner of Net Zero Ventures and member of the Finboot board says: “Blockchain is almost the key weapon in the industrial tech arsenal that will help high capital and high energy industries reduce their emissions and reach net zero.

“Finboot’s expertise and its blockchain powered product MARCO and Track & Trace platforms can help businesses in this crucial sector decarbonise by shining a light on their operations and supply chain to show where carbon is being produced and can be reduced.”

Marko Kovacevic, Managing Director, Digital Supply Chain Institute (DSCI) in the U.S. says: “If you cannot measure it, you cannot manage it, and blockchain helps measure carbon emissions. For industrial sectors like energy, blockchain can be a significant tool to help propel them on the journey to net zero.”