SentientEquityPartners joined xx network Use the blockchain ecosystem to post ESG compliance data to published transparent issues.
As part of its efforts to increase transparency, Sentient will work with C02 Labs and the xx network to develop a platform for ESG compliance in mining operations.
Neither Sentient nor xx are still common names in the blockchain industry, but their collaboration is an essential step in integrating blockchain technology into the broader mining industry.
Blockchain and ESG are games played in heaven
ESG reports are disclosures of environmental, social, and corporate governance data. As with all disclosures, its purpose is to shed light on the ESG activities of the enterprise, usually to ease the local environment and regulations of the enterprise.
However, due to the changing conditions of global financial markets, ESG compliance goes far beyond another regulatory hurdle to overcome. The growing global awareness of the environment means that improved ESG compliance has become a tool for attracting investors and financing, as many are trying to support sustainable businesses.
Over the last decade or so, I’ve noticed that the mining industry is in the midst of a fierce battle for the environment. On the one hand, it serves as the backbone of almost every other industry and is essential to the global economy. On the other hand, its environmental impact is difficult to ignore and expensive to resolve, making it an easy target for a global battle against pollution.
Given its profitability and importance to world trade, the mining industry can quickly respond to pressure from funds, shareholders and governments to comply with various sustainability and CO.2 Reduction targets and regulations.
Also, there is no faster and more reliable way to introduce transparency into your business than using blockchain technology.
William Carter, CTO of the xx network, told CryptoSlate that President Biden’s presidential directive to focus on the energy impact of blockchain technology and the current climate crisis has prompted investment in environmental transparency.
“Blockchain and decentralization have always been about transparency. The xx network believes that this ethic should extend far beyond the financial system and applies to communications, voting, and computing. Already focused on, “he said.
As a development fund manager investing in mining projects, Sentient Equity Partners quickly realized the potential blockchain technology to help their investments meet various global regulations.
The company recently signed a binding agreement to sell the Argentine Rincon Lithium Brine project to Rio Tinto, a global mining conglomerate. Given the importance of the lithium mining industry in the fight against the environment, it was Sentient’s top priority to publish and transparently post ESG compliance data for mines using blockchain systems.
“The recent acquisition of Rio Tint from Sentient of the Rincon Mine Lithium Project in Salta Province is a new hub for the Greenfield Project in Argentina and reflects a strong commitment to developing a low carbon footprint. Support for the Chain ESG Report is part of this same decarbonization promotion, “Sentient’s managing partner Mike de Leeuw told CryptoSlate.
To that end, Sentient will work with C02 Labs and the xx network to develop an ESG compliance platform specifically tailored for mining operations. De Leeuw explained that the company has always focused on innovation and sustainability, aiming to reduce and identify new opportunities.
“We believe this project, which uses CO2 labs and xx networks to develop an ESG and carbon footprint framework for miners and mining funds to comply with existing and future ESG regulations, will bring significant value to the mining industry. All industries, especially mineral-based companies, are responsible for conserving resources and investing in efficient low-carbon technologies. ESG reports, especially the CO2 Labs blockchain platform, are for all stakeholders (employees). There is no doubt that it is important for members, the general public, and shareholders. “
David Chaum, CEO of the xx network and inventor of digital cash, was sent by Sentient. xx ecosystem..
“We are pleased to be able to contribute to the environment. We hope that many other players will follow their efforts to decarbonize their portfolio and do so in an open and transparent way.”