Sentient Equity Partners has joined the xx network to use its blockchain ecosystem to post its ESG compliance data in a public and transparent matter.
As part of its efforts to increase transparency, Sentient will also collaborate with C02 Labs and the xx network to develop a platform for mining operations’ ESG compliance.
While neither Sentient nor xx are household names in the blockchain industry yet, their collaboration marks an essential step in integrating blockchain technology into the broader mining industry.
Blockchain and ESG are a match made in heaven
ESG reporting is the disclosure of environmental, social, and corporate governance data. As with all disclosures, its purpose is to shed a light on a company’s ESG activities, usually to appease local environmental and corporate regulations.
However, the changing landscape of the global financial market has made ESG compliance much more than just another regulatory hurdle to overcome. The global increase in environmental consciousness means that better ESG compliance has become a tool to attract investors and financing as many are now looking to support sustainable businesses.
In the past decade or so, the mining industry has found itself in the middle of a fierce battle for the environment. On one hand, it serves as the backbone of almost every other industry and is integral to the global economy. On the other hand, its environmental impacts are hard to ignore and costly to resolve, making it an easy target in the global fight against pollution.
Given its profitability and importance to global trade, the mining industry is able to respond quickly to address the pressures from funds, shareholders, and governments to comply with various sustainability and CO2 reduction targets and regulations.
And there’s no faster and more reliable way to introduce transparency into a business than through blockchain technology.
William Carter, the…
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