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OneConnect Co-Founds Dual Carbon Innovation Laboratory Initiating Development of ESG-Focused Blockchain Applications

OneConnect Co-Founds Dual Carbon Innovation Laboratory Initiating Development of ESG-Focused Blockchain Applications

OneConnect Financial Technology Co. Ltd., a leading Technology-as-a-Service provider for financial institutions announces the launch of the Innovation Laboratory of Carbon Emission Governance Blockchain and Energy Technology (the “Dual Carbon Innovation Laboratory”). Founding members include OneConnect, China Mobile Research Institute, China Quality Certification Centre and Sinochem Environment holding Co. Ltd. At the same time, the White Paper on Blockchain Empowering “Carbon Peaking and Carbon Neutrality” co-edited by OneConnect, has been officially released discussing Blockchain as a Service across various scenarios such as carbon emission reduction, carbon trading and carbon supervision.

Dual Carbon was first written in the Report on the Work of the Chinese Government in 2021 which marks the strategic development direction for the country.

The Dual Carbon Laboratory aims to explore how to deeply integrate blockchain technology and the Dual Carbon economy. As a Technology-as-a-Service provider for financial institutions, OneConnect has world-leading technology capabilities for financial services in AI, Big Data Analytics, Blockchain and Financial Cloud. With expertise in blockchain technology and substantial experience accumulated in Dual Carbon development, the Company is cooperating with members to create standardized products in “Blockchain and Energy/ Dual Carbon” to help meet Dual Carbon Goals and contribute to ESG development.

Blockchain Technology will play a key role in promoting Dual Carbon. For example, the industry has to live up to carbon emission inspections. It is necessary to ensure the authenticity, credibility and effectiveness of basic data. The distributed ledger made possible by blockchain technology is incorruptible and can provide a technical basis for reporting, evaluation, verification and auditing among different institutions.

See related article: Pure Storage Enables Organizations To Drive Out Direct Carbon Usage In Their Data Storage Systems By Up To 80%

On the other hand, a carbon trading platform based on a blockchain will support point-to-point and business-to-business trading services and will promote fast, credible and automatic transactions. Such technologies can effectively improve the reliability and credibility of data processing of business flow and settlement. The consensus mechanism based on intelligent contracts can further support flexible transaction rules

Looking to the future, OneConnect will continue to explore application scenarios for achieving “Dual Carbon” within the finance sector, including in the creation of a structural carbon-reduction monetary tool with the People’s Bank of China and help banks collect and manage carbon emissions-related reduction data through the dual carbon management platform such that banks can accurately invest funds and effectively implement ESG targets.

Source: OneConnect Financial Technology Co. Ltd.


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