Greenhouse gas emissions for products need to be measured and evaluated if we are to understand the impact of manufacturing of any product, from choice of raw materials to energy intensity of processes to packaging to transportation of the final product. The GHG emissions for fuels are most commonly evaluated through a life-cycle assessment (LCA), which calculates the amount of GHGs that are released per unit of energy, including emissions and carbon sequestration. As manufacturers review their product lines in this light, focusing on decarbonization of the process at every step will improve the evaluation and give each of their products the lowest carbon LCA possible.
But better models are available, such as the Life Cycle Inventory (LCI) measurement, based on work from the International Panel on Climate Change (IPCC) and the Argonne GREET model (The Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation). These models use updated science to provide a standard of measurement for the real impact of products available in the market, including transportation fuel, and measure a fuel from feedstock to production to combustion, with key factors taken into account, such as land use with respect to food production and habitat, water-quality impacts, and more.
With consistent, fair, scientific methods to document LCI and in particular carbon savings, we are creating a system that can accommodate improvements at the farm level and be useful in creating incentives for farmers to adopt even better growing practices. By doing so, we can verify the best methods to produce the products we need, all while the systems implemented capture more and more carbon dioxide from the air into soil.
By using distributed ledger technology, or DLT, powered by blockchain and smart contracts in conjunction with effective modeling of carbon intensity through the LCI, Verity Tracking can create an immutable record of the key metrics, enabling a “sustainability” assurance that has not yet been seen in industry. This technology minimizes the risk of fraudulent claims. As this sustainability assurance is digitized through blockchain, it creates true value that will translate to the value of products. Again, economics enters the picture, lending its positive force to the encouragement and funding of sustainability. Enabling a market of sustainability that is traceable and immutable allows people to truly make sustainable investments. Businesses who wish to make sustainability claims can then be held accountable to those claims.
When a business implements policies and practices that reduce the carbon intensity of its product by using LCI metrics, good things happen: Verity Tracking makes the most of transparency of distributed ledger technology powered by blockchain by using it to share the good news of documented sustainability efforts.