Sentient Equity Partners has joined the xx network to share its ESG compliance data in a public and transparent way.
As part of its efforts to improve transparency, Sentient will collaborate with C 02 Labs and the xx network to develop a platform for mining operations ESG compliance.
While neither Sentient nor xx are household names in the industry, their collaboration marks an important step in integrating blockchain technology into the broader mining industry.
ESG andBlockchain are a match made in heaven.
ESG reporting is the disclosure of environmental, social, and corporate governance data. As with all disclosures, its purpose is to shed light on a company's ESG activities, usually to appease local environmental and corporate regulations.
ESG compliance is more than just another regulatory hurdle to overcome because of the changing landscape of the global financial market. ESG compliance has become a tool to attract investors and financing because many are looking to support sustainable businesses because of the global increase in environmental consciousness.
The mining industry has been in a battle for the environment for the past decade or so. It serves as the backbone of almost every other industry and is integral to the global economy. Its environmental impacts are hard to ignore and costly to resolve, making it an easy target in the global fight against pollution.
The mining industry has the ability to respond quickly to the pressures from shareholders, and governments to comply with various sustainability and CO reduction targets and regulations because of its profitability and importance to global trade.
There is no faster and more reliable way to introduce transparency into business than through the use ofBlockchain technology.
William Carter, the CTO of xx, told CryptoSlate that the executive order from President Biden to focus on the energy impact of the technology and the current climate crisis has incentivized investing in environmental transparency.
As a development fund manager investing in mining projects, Sentient Equity Partners realized the potential use of the technology in order to help its investments meet various global regulations.
The company has entered into binding agreements to sell the Rincon lithium brine project in Argentina to Rio Tinto, the global mining conglomerate. Since the importance of lithium mining in the fight for the environment, posting the mine's ESG compliance data in a public and transparent manner was Sentient's top priority.
Sentient will collaborate with C 02 Labs and the xx network to develop a platform for ESG compliance that is specifically tailored for mining operations. De Leeuw said the company has always been focused on innovation and sustainability, as well as looking to reduce and identify new opportunities.
We believe that this project with CO 2 Labs and the xx network to develop a ESG and Carbon footprint framework for miners and mining funds to comply with existing and future ESG regulations will add significant value to the mining industry. Mineral-based businesses have a responsibility to conserve resources and invest in low carbon technology. There is no question that ESG reporting is critical for shareholders, the general public, and the employees of the CO 2 Labs platform. David Chaum, CEO of the xx network and inventor of digital cash, said it was an honor to have Sentient join the xx ecosystem.