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KPMG Unveils Blockchain-Based Climate Accounting Tool To Help Drive Environmental Sustainability

Multinational professional services firm and one of the Big four auditing firms, KPMG is set to offer a blockchain-based tool dubbed the Climate Accounting Infrastructure (CAI) to help organizations more accurately measure, mitigate, report, and offset their greenhouse gas emissions.

Per the official KPMG announcement, the patent-pending Climate Accounting Infrastructure will be able to analyze climate risks associated with asset valuations and help organizations better assess and employ systems to offset their emissions.

The CAI as noted by the company will come in handy in helping organizations to meet their sustainability practice goals alongside helping them in the much-anticipated reporting of the sustainability practices each firm is expected to demonstrate in alignment with the environmental, social, and corporate governance (ESG) demands of capital markets investors.

The capability will use blockchain to securely store environmental data in a financial system as part of organizations’ climate risk assessments and asset valuations, including as part of their real estate portfolios. The capability will thus present a trusted and transparent system to measure, account for, and report on emissions data.

Arun Ghosh, KPMG’s US Blockchain leader said in a statement:”As investors broaden their focus beyond financial factors to include ESG practices, organizations are increasing efforts to reducing carbon footprints, alongside transparent disclosure of progress. Trusted reporting capabilities, such as those enabled by Climate Accounting Infrastructure, will be critical to meet stakeholder expectations and to comply with emerging regulations.”

KPMG has been very prominent in rolling out blockchain-based innovations for more functional enterprise integration. Besides announcing the launch of its patent-pending crypto analytics platform to streamline crypto-related services for financial services and FinTech companies back in June, the company currently has in operation a blockchain-enabled track and trace platform dubbed KPMG Origins in Australia, China, and Japan. The track and trace blockchain infrastructure find strong use in the supply chain industry to enhance global trade.

How the First ESG Blockchain Is Doing It Right?

With several blockchains projects competing to get the edge, the big names frequently get the shots. However, small blockchains like Telos still manage to make a name for themselves and even exceed the functionality of the bigger ones in some areas.

It is always important to look beyond the big names because the undervalued blockchains (such as Telos) are known to offer tremendous potential.

Major enterprises and organisations have overlooked the big-name blockchains and are now turning to Telos to launch and run blockchain applications.

With this in consideration, this article, therefore, aims to explore how Telos – the first ESG Blockchain – is doing it right.

Socially Responsible Investing

As the global economic landscape continues evolving at a rapid pace, it appears that an increasing number of investors are fast becoming more environmentally conscious. For example, Elon Musk, Tesla CEO, recently halted accepting Bitcoin payments for the automaker’s various products. Musk cited that reaching such a decision was due to Bitcoin’s mining processes being relatively energy-intensive.

In recent times, environmental, social & Governance (ESG) investment and business practices have begun to gain widespread attention. Many investors are starting to use ESG as one of the main standards when weighing the potential risks of any business initiative looking to put their finances.

However, ESG reporting has come with certain challenges, which can be addressed by decentralised, transparent blockchain technology. While the calls of the integration of blockchain markets and the ESG have continued rising in the fintech landscape, only a few blockchain solutions have sought to integrate two aspects together, an issue that has made Telos widely known.

Since its inception, Telos, which is regarded as the best and fastest, virtually fee-less blockchain platform, has been helping to mitigate several environmental problems that have hindered the growth of the blockchain industry.

The energy usage ratio of the Telos blockchain is identified to be significantly lower than several of its blockchain competitors such as Cardano, Ethereum 2.0, Bitcoin, and others. Telos normally undergo regular audits to keep its CO2 generation figures and native energy consumption in check.

Telos – the first ESG blockchain provider – has been receiving mass adoption by real-world users across the globe because of its environmental and social consciousness.

Cracking Interoperability Problem

Lack of interoperability is a major concern that has been preventing blockchain mass adoption. Interoperability is highly crucial as organisations and enterprises depend on higher levels of interactions and collaborations. No enterprise will want to conduct its payments with a blockchain whose overall infrastructure is not interoperable and secured.

Telos is getting much more attention than other blockchains because of its ability to offer interoperability solutions.

Telos blockchain supports transactions on other chains and networks, integrates existing systems with multiple apps, and makes it simpler for developers to switch from one underlying platform to another.

Telos supports the creation of dApps and DAOs running on EOSIO and enables developers to create and run Ethereum-compatible smart contracts without any transaction fees.

With Telos EVM (Ethereum Virtual Machine), people can build and deploy decentralised applications how they were meant to be, with high speeds, no limit on users, and no middlemen.

Telos EVM allows blockchain developers to choose whatever languages and tools they want and create an EVM bytecode they want to deploy on an Ethereum-powered blockchain and drop it to an EOSIO blockchain uninterruptedly. Also, with Telos blockchain, clients using Web 3.0 can shift to a different series of API (Application Program Interface) providers.

Telos’ Transledger platform uses blockchain technology to empower its interoperability network, thus enabling transferring different cryptocurrencies between different blockchains.

Scalability Solutions

When people talk about various blockchains in the market, they frequently point at those ecosystems that belong to cryptocurrencies with high market capitalisation. Ethereum, Cardano, Polkadot, and Tezos are popular blockchains because nobody can deny their prominent market capitalisation rankings.

Despite such popularity, Ethereum has shown several scalability problems. Polkadot has still not launched its parachain upgrade to hook individual side-chains into the main blockchain. While Cardano has only recently launched smart contracts, Tezos, which recognises itself with NFTs, DeFi and other tools, most of its projects are still in development.

To achieve efficiency, blockchain technology needs to be scalable, fast, and facilitate mass adoption. Telos, which has been existing since 2018, might be undervalued in that regard.

Compared to other major blockchains, Telos differentiates itself across several segments. The Telos Network is widely known for its ability to process about 5,000 transactions per second, and its average transaction is much faster than other blockchains.

Conclusion

All the functionalities mentioned above have attracted the attention of some big brands. Cisco, Microsoft, Siemens, Taikai, and Zalando are just a few firms using Telos blockchain to develop applications and unlock real-world activities.

Telos combines the best of different ecosystems and successfully adds other benefits on top, and this makes it offer important features that other blockchains do not provide.

While other blockchains appear to focus mainly on cryptocurrency users, Telos seems to tackle real-world problems and scenarios.

With gaps still being seen in major blockchains, alternative ecosystems like Telos offer impressive solutions. Big brands have noticed this and are now turning to Telos to launch and run their applications on the blockchain.

Spot Crypto ETF in High Demand by Financial Advisers: Nasdaq Report

A new survey from Nasdaq has shed more light on the growth in an embrace of spot crypto Exchange Traded Fund (ETF) in the United States.

The survey features 500 financial advisors, including Registered Independent Advisors (RIA) and independent brokers alike.

Per the survey, it was discovered that 86% of advisors who are currently invested in digital currencies plan to increase their holdings in the next year. The survey also revealed that 72% of those surveyed would be more open to investing their client’s funds in crypto if a spot Bitcoin ETF were to be approved by the U.S. Securities and Exchange Commission (SEC).

Of those surveyed, 50% acknowledged that they already use Bitcoin futures ETFs and 28% plan to start using them in the next 12 months. Currently, as many as three Bitcoin futures ETF have started trading in the U.S., the latest being from Teucrium, as reported by Blockchain.News last week.

“Over the last decade, financial advisors have been focused on shifting assets into index funds. As they incorporate digital assets into their investment strategies, they are expressing strong interest in a similar vehicle that can offer broad asset class exposure for their clients,” said Jake Rapaport, Head of Digital Asset Index Research, Nasdaq. “The vast majority of advisors we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto. As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations.”

Other highlights of the survey dwelt on the level of risk adoption by these financial asset managers with most agreeing that just about 6% of the client’s portfolio is enough to invest in any crypto product. With the growing consideration of changing the narrative about crypto’s impact on Climate, the Nasdaq survey shows that 7% of investors agree that “ESG is a very important consideration when determining a client’s strategy toward digital assets.”

Japanese Mobile Operator Partners with Accenture to Boost ESG Using Web3

NTT DOCOMO, the leading mobile operator in Japan, has collaborated with Accenture to propel the application and adoption of Web3 when tackling social issues.

In a statement, the strategic partnership will promote environmental, social, and governance (ESG) issues, develop talent and create a secure Web3 platform.

Comprising more than 84 million subscribers, NTT DOCOMO will avail its expertise in the telecommunication industry as well as its experience when dealing with society-wide issues.

On the other hand, Accenture, a global digital, cloud, and security services company, will develop an operational foundation for the Web3 initiatives.

Motoyuki Li, NTT DOCOMO’s president and CEO, pointed out:

“Web3 is the most impactful technological development since the Internet. DOCOMO, in collaboration with Accenture, will revolutionize social infrastructure by utilizing blockchain and building a safe and secure Web3 environment.”

Web3 is already being used for societal solutions in Japan. For instance, the government and companies are utilizing Web3 to streamline carbon credit markets meant to fight climate change.

The partnership between NTT DOCOMO and Accenture is meant to propel Japan’s quest to be a leading Web3 market. It also seeks to boost Web3 adoption globally. Li stated:

“We will build an environment where the power of creators and developers can come together. We are glad to be promoting the Japan-developed Web3, and we welcome individuals and companies to join us in the global development of Web3 services.”

Addressing societal issues touching on diversity, sustainability, and inclusion is vital. Atushi Egawa, a senior managing director at Accenture, sees Web3 as a stepping stone toward this objective.

Egawa added:

“Our collaboration with NTT DOCOMO is designed to create an industry platform leveraging blockchain and other digital technologies.”

The World Economic Forum (WEF) recently established a Crypto Sustainability Coalition to investigate the capability of Web3 in tackling climate change, Blockchain.News reported.

The WEF noted that blockchain tools would propel transparency in the worldwide carbon credits market, whereas crypto mining would trigger renewable microgrids through off-peak demand and decentralization.

Wiki Finance Expo Sydney 2023 Is Coming Soon!

Regulation, Forex, Crypto, Web 3.0, Metaverse, AI, ESG Will Be in Focus.

Taking place on November 16th, Wiki Finance Expo, Sydney 2023 is Aussie largest and most anticipated fintech event of the year. An excellent opportunity to meet with 3000+ industry representatives, project owners, VCs, developers, cryptocurrency and forex traders, fintech-providers and gamers under one roof. Thousands of collaboration opportunities will be generated in a single day, because nearly everyone in the industry and all great projects will be there. Are you ready to join?

RSVP for free: https://www.wikiexpo.com/Australia/2023_EN/auexpo.html

About Wiki Finance Expo, Sydney 2023

As a leading global platform for financial exhibitions and FinTech conferences, Wiki Finance Expo hosts large-scale summits annually in Singapore, Sydney, Dubai, Hong Kong, Malaysia and Bangkok. Every event attracts the attention and expectations of the industry. It is not the first time that Wiki Finance Expo has taken place in Australia, and it is grander than ever. As one of the most magnificent expos in the industry, WikiEXPO has always regarded Australia as “the land of opportunity” for the development of forex and blockchain industry in the world.

50+ Prominent Industry Experts in Attendance

200+ Partners Co-Design the Future of Digital Finance with WikiEXPO

The event is supported by more than 200 institutions, media and companies, 23 sponsors, and more than 3,000 attendees from forex, blockchain, Web3.0, crypto, NFTs, Metaverse, DeFi, AI, ESG.

The Financial Services Institute(FSI), government agency in Mauritius.

AUSCL Australasian Society for Computers + Law.

Together with these outstanding partners, WiKiGlobal is dedicated to promoting the regulatory security of cryptocurrencies and FX.

Don’t Miss Out

Date: November 16, 2023. 9 am to 6 pm

Venue: The Fullerton Hotel Sydney (No.1 Martin Place, Sydney NSW 2000, Australia)

Don’t miss this unparalleled opportunity for networking, learning, and growth, taking a step toward a safer and more prosperous financial future.

And don’t forget to spread the word. See you there!

SEC Extends Deliberation on Proposed Rule Change Amidst Heated Debates

The U.S. Securities and Exchange Commission (SEC) has extended its deliberation period for a proposed rule change, sparking intense debate among legislators and industry experts. This development, noted on January 18, 2024, underscores the ongoing tension between regulatory agencies and the financial industry, particularly in areas intersecting with social and environmental concerns.

The proposed rule change, although not explicitly detailed in the available sources, seems to be a part of the SEC’s broader mandate to regulate national securities exchanges and market participants. The SEC, through notices SR-CBOE-2024-004 and SR-CboeBZX-2024-005, has invited public comments on the proposal, indicative of the agency’s commitment to transparency and stakeholder engagement.

This regulatory action comes amid heated discussions regarding the SEC’s proposed climate disclosure rule. The rule, introduced in 2022, aims to compel companies to report climate change risks in their registration statements and periodic reports. This information includes risks to business operations or financial conditions due to climate change, such as vulnerability to coastal flooding or the business model’s adaptability to shifting consumer demands and policy changes.

The debate in Congress reflects a deep ideological divide. Republicans, like Rep. Bill Huizenga (R-Mich.), criticize the SEC’s move as an overreach of its authority. They argue that Congress has not delegated the SEC the authority to mandate climate disclosures and raise concerns about the underestimation of the rule’s costs and lack of cooperation with Congress on revisions.

Democrats, on the other hand, defend the SEC’s actions as within its purview. They stress the importance of investor awareness regarding climate-related risks impacting their investments. Representative Rashida Tlaib (D-Mich.) highlighted a 1979 D.C. Circuit Court of Appeals decision granting the SEC broad discretionary powers to promulgate rules requiring information beyond statutory requirements.

The SEC’s move is emblematic of the Biden administration’s efforts to integrate climate objectives into various agency mandates. This alignment is not without controversy, as witnessed in the Congressional hearings. The rule’s survival could set a precedent for future regulatory actions addressing climate change and its impact on the financial sector.

The extension of the SEC’s deliberation period on the proposed rule change represents a careful approach in navigating complex regulatory and political landscapes. The decision to delay, set against the backdrop of a broader debate on the role of regulatory agencies in addressing environmental and social issues, signifies the evolving nature of financial regulation in the face of emerging global challenges.

The next decision on this matter is expected on March 5, 2024. This delay could impact various financial sectors, including ETF bids like those by VanEck for Ether ETFs. The SEC’s actions and the resulting debates underscore the intricate balance between regulatory oversight, investor protection, and the economic implications of environmental and social governance (ESG) factors in the financial world.