Blockchain
Despite Plans to Reach Net Zero, 53% of Fintechs Could be Unintentionally Greenwashing
In the last five years, the push for a green-first attitude has become extremely prevalent in the fintech sphere. However, some firms are going too far, reveals Ivalua, the cloud-based spend management software provider, and unintentionally greenwashing.
Greenwashing, the practice of exaggerating a company’s or product’s green credentials, thereby misleading consumers and hindering meaningful climate action, has become a mainstream thing that many firms wish to avoid. In 2022, a Google Cloud report revealed that 58 per cent of executives believed their companies were overstating their green initiatives. While there has been a strong effort to be rid of greenwashing, research from Ivalua has shown that 53 per cent of firms are still doing it unintentionally.
“Organisations are aware they must urgently address sustainability, and understand the cost consequences of not doing so. But this lack of confidence paints a negative picture,” comments Jarrod McAdoo, director of sustainable procurement at Ivalua. “A lack of perceived progress could fuel accusations and fears of greenwashing, so it’s important to remember that obtaining Scope 3 data is part of the natural maturation process.”
The study reveals that less than half (44 per cent) of organisations claim they are “very confident” that they can “accurately” report on Scope 3 emissions. While nearly two-thirds (61 per cent) say reporting on Scope 3 emissions feels like a ‘best-guess’ measurement.
Proactively managing Scope 3 reporting
With the UK government considering the inclusion of Scope 3 emission disclosure within the Streamlined Energy and Carbon Reporting (SECR) framework, it’s imperative organisations manage Scope 3 reporting proactively. Over time, organisations must substantiate green claims with verifiable data rather than relying on best guesses.
The research also shows nearly two-thirds of organisations agree that the cost of not taking action will far outweigh the cost of implementing green initiatives. But while 87 per cent of organisations are confident they’re on track to meet net zero targets, many don’t have comprehensive, fully implemented plans in place for:
- Adopting renewable energy (77 per cent)
- Reducing carbon emissions (73 per cent)
- Adopting circular economy principles (73 per cent)
- Reducing air pollution (71 per cent)
- Reducing water pollution (68 per cent)
McAdoo added: “Many sustainability programs are in their infancy, and organisations need to start somewhere. Estimated data can help determine climate impact and contribute to building realistic, actionable net zero plans. Over time, organisations will need to make significant progress on obtaining primary Scope 3 data and putting plans in place, or risk financial penalties as well as ruining reputations in the long run.”
How to build trust
“But absolute accuracy could be hard to achieve without significant investment. Organisations shouldn’t spend time and money fixating on 100 per cent accuracy. Instead, they need to equip procurement teams and the wider business with good data and insights. This will empower procurement teams to start taking action to identify unsustainable suppliers and ensure the business is headed in a greener direction.”
Biggest challenges
Working with suppliers will be critical in achieving net zero. The research found that over half (55 per cent) of organisations agree that green initiatives to reach net zero goals that don’t involve suppliers are a waste of time. Ineffective supplier collaboration (26 per cent) was also among the top challenges organisations must overcome, with other challenges including:
- Other objectives being prioritised, such as cost and risk (27 per cent)
- Supplier resistance to reduce emissions (26 per cent)
- Supplier inability to assess emissions (25 per cent)
- Poor visibility into sub-tier suppliers (22 per cent)
- Incomplete, absent or unreliable data on sustainability (22 per cent)
“Nearly two-thirds of organisations agree that an inability to measure supplier emissions accurately makes it hard to turn words into action”, concluded McAdoo.
“There is a clear need to adopt a smarter approach to procurement. Organisations need granular visibility into their supply chains to ensure they can measure the environmental impact of suppliers, but also collaborate with suppliers to develop improvement plans. Only with this transparency can organisations showcase meaningful sustainability progress and avoid accusations of greenwashing.”
Source: TheFintechTimes
The post Despite Plans to Reach Net Zero, 53% of Fintechs Could be Unintentionally Greenwashing appeared first on Hipther Alerts.
Blockchain
Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group)
Blockchain technology and cryptocurrency continue to redefine industries worldwide, driving innovation and creating new opportunities. In today’s edition of “Blocks & Headlines,” we explore major developments across the blockchain space, highlighting new projects, partnerships, and emerging trends.
Blockchain as a Catalyst for Innovation
The blockchain industry’s transformative potential was the focus of a recent report detailing how decentralized technologies are driving innovation in finance, healthcare, and supply chain management. Blockchain’s transparency and immutability are key factors enabling its adoption across diverse sectors.
In particular, the report noted the technology’s ability to enhance trust and efficiency in processes, reducing costs while improving security.
Analysis: Blockchain’s role as a catalyst for innovation is becoming more evident as industries beyond finance embrace its capabilities. The growing interest underscores the need for continued research and development to unlock its full potential.
Source: Cape Gazette
EVIANCX Enhances Cryptocurrency Usage in Latin America
EVIANCX, a leading blockchain platform, has announced new initiatives aimed at increasing cryptocurrency adoption in Latin America. The company is rolling out solutions to address challenges such as accessibility and education, targeting both businesses and individual users.
By simplifying blockchain technology and expanding infrastructure, EVIANCX seeks to empower communities and drive financial inclusion across the region.
Analysis: Latin America’s growing interest in cryptocurrency is fueled by its potential to address issues such as inflation and limited access to traditional banking services. EVIANCX’s initiatives could significantly enhance the region’s blockchain ecosystem.
Source: GlobeNewswire
Abstract: A Consumer Blockchain for the Masses
The launch of Abstract, a highly anticipated consumer-focused blockchain, marks a significant step toward making cryptocurrency more accessible. Abstract aims to simplify blockchain use cases, offering tools and applications designed for everyday users.
By prioritizing user experience and scalability, Abstract is positioning itself as a gateway for mainstream adoption of blockchain technology.
Analysis: Abstract’s approach to consumer-centric blockchain solutions highlights the industry’s shift toward usability and mass appeal. Simplifying complex systems is crucial for bridging the gap between blockchain enthusiasts and the general public.
Source: PR Newswire
Venice Launches VVV Token to Bridge Blockchain and AI
Venice, a pioneering blockchain project, has unveiled the VVV Token, designed to integrate blockchain with artificial intelligence. The token facilitates data exchange between AI systems and decentralized networks, promising advancements in predictive analytics, automation, and decision-making.
The initiative also includes partnerships with tech companies focused on AI and machine learning, ensuring robust support for the token’s ecosystem.
Analysis: Venice’s innovative fusion of blockchain and AI represents a significant trend in tech convergence. By combining these technologies, the project aims to unlock new possibilities for intelligent, decentralized systems.
Source: CoinSpeaker
KPMG India Partners with Hashgraph Group to Drive Blockchain Adoption
KPMG in India has teamed up with the Hashgraph Group to promote enterprise adoption of Hedera’s distributed ledger technology (DLT). The partnership will focus on delivering blockchain solutions tailored to industries such as finance, healthcare, and supply chain management.
This collaboration aims to leverage Hedera’s high-performance DLT to address scalability and efficiency challenges faced by enterprises.
Analysis: Partnerships like this highlight the growing interest in enterprise-grade blockchain solutions. By collaborating with established firms, blockchain projects can accelerate adoption and address real-world business needs.
Source: PR Newswire
Key Trends and Insights
- Consumer-Centric Blockchain: The launch of Abstract underscores the importance of user-friendly solutions in driving mainstream adoption of blockchain technology.
- Blockchain-AI Convergence: Projects like Venice’s VVV Token highlight the potential of integrating blockchain with artificial intelligence to create smarter, more efficient systems.
- Regional Focus: EVIANCX’s initiatives in Latin America demonstrate the growing importance of localized blockchain solutions that address specific regional challenges.
- Enterprise Collaboration: Partnerships such as KPMG India’s collaboration with Hashgraph Group emphasize the role of established enterprises in accelerating blockchain adoption.
- Broader Adoption: Blockchain’s application across industries continues to expand, showcasing its versatility and potential to drive innovation beyond cryptocurrency.
The post Blocks & Headlines: Today in Blockchain – January 28, 2025 (EVIANCX, Abstract, Venice, KPMG, Hashgraph Group) appeared first on News, Events, Advertising Options.
Bybit Fintech FZE
Bybit Fintech FZE
-
Blockchain5 days agoAndrew Cardno to speak on the session titled “The Seven Forces Transforming Our Industry (Whether We Like It or Not)”
-
Blockchain5 days ago
Blocks & Headlines: Today in Blockchain (Ethereum, Quantum Emotions, Pepeto, Zeus Investments, AgileGTM)
-
Blockchain4 days ago
Blocks & Headlines: Today in Blockchain – January 24, 2025 (IBM, SAP, Oracle, Bitfury Group, Auxesis Services Technologies, Binance, European Central Bank)
-
Blockchain7 days agoDigital Payment Gateway Market Industry Trends and Opportunities 2030, with Competitor Analysis for PayPal, Stripe, Adyen, Worldpay, Razorpay Software, Mollie, BlueSnap, Klarna Bank and Dwolla
-
Blockchain Press Releases5 days agoSquaredFinancial adds the Trump and Melania meme coins to its crypto offering
-
Blockchain5 days ago
Humanity Protocol and Open Campus Partner to Integrate Achievements and Interoperable Credentials for Decentralized Education
-
Blockchain7 days agoHumanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
-
Blockchain5 days ago
Life DeFi and Flashy Cash Announce Strategic Merger to Advance Decentralized Finance
