Today blockchain startup Circularise announced that Saudi Aramco-controlled chemicals firm SABIC (market cap $69 billion) will pilot its digital product passport solution. The passport will enable SABIC to track direct and indirect emissions and uses blockchain to also monitor ‘Scope 3’ CO2 emissions within its ecosystem including its supply chain. The data will also be available for future recycling.
“Accurately mapping emissions, especially Scope 3 emissions, will allow SABIC and others to identify and minimize hot spots along the value chain, a critical tool in our pathways to decarbonization,” said Waleed Al-Shalfan, VP of Polymers Technology & Innovation at SABIC. “We encourage other upstream and downstream partners to join and consider how this technology can unlock sustainable growth at every level moving forward.”
Big brand clients are not a new experience for Circularise. It has numerous collaborations with large enterprises, particularly in the chemicals sector, including Asahi Kasei, Covestro, Domo Chemicals, Marubeni, Mitsubishi Chemicals, Neste, Philips Domestic Appliances and Porsche.
“As part of this project, Circularise aims to pilot blockchain-powered digital product passports and help businesses to track product emissions on a large scale and over time, generating comprehensive product life cycle emission reports.”
Meanwhile, this is not SABIC’s first blockchain project. Earlier this year it signed a deal for paperless trade with the Global Shipping Business Network (GSBN) and three of its members COSCO Shipping, Hutchison Ports and PSA ports.