Today is Earth Day and provenance company Everledger backed by China’s Tencent, announced a carbon offsetting platform for the diamond industry using emissions data recorded by the blockchain. The solution is being launched for India and US-based Shairu & Atit Diamonds, which will provide its customers with environmental impact information about every diamond.
Carbon offsetting is a mechanism where companies invest in environmental projects and purchase carbon credits to match their emissions from production. Everledger has partnered with Carbon Fund for its validated carbon offsetting program. Currently, Everledger is helping diamond miners, brands, and retailers to increase transparency in diamond supply chains.
“Through the Everledger platform, we can now enable our partners to not only allow efficient tracking and reporting of Greenhouse Gas Emissions, but also provide the certifications that verify energy efficiency and renewable sourcing efforts,” said Carrie George, VP and Head of Sustainability at Everledger. “We are directly linking the measurement to the solutions they are looking for to offset the remainder of their climate footprint.”
The new platform will enable the diamond industry stakeholders to directly utilize their emissions data for carbon offsetting through the platform. In simpler terms, they can use the platform to invest in carbon reduction projects and renewable energy from the platform itself without applying separately. The primary benefit is that they can prove they have offset the emissions accurately using blockchain data.
US-based Fred Meyer and Littman Jewelers will be the first retailers to use this sustainability feature of the Everledger platform. Everledger has deep roots in the diamond industry and counts giant Russian diamond producer ALROSA as a partner. Additionally, Everledger aims to scale the platform to include industries such as gemstones, wine, apparel and others.
Under the Paris Agreement, companies need to reduce emissions by 29-32 gigatonnes of equivalent carbon dioxide by 2030.
While the initial focus of Everledger was the provenance of diamonds, it has since signed deals to offer its solution to other industries. It recently received an award from the U.S. Department of Energy for programs to track electric vehicle battery lifecycles to enhance recycling. The first pilot includes Ford.
Earlier this week, Ledger Insights reported on Everledger’s launch of blockchain bottle closures for the wine industry.
Among its other projects, Everledger is using DNA tagging combined with blockchain to prevent counterfeiting of luxury goods.