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- In its recent report, The Boston Consulting Group outlined how recent regulatory changes in Europe will place sustainability at the heart of global trade in one of the biggest shifts in three decades.
- VeChain will be at the heart of this sustainability revolution, with its vastly scaling blockchain offering a platform that places transparency and trust at the core.
We live in an era where humanity’s biggest existential threat is climate change, and since we have pursued economic interest at the expense of sustainability for centuries, we are running out of time to get back on track. Europe is leading the charge, but according to a recent report by the Boston Consulting Group, it’s developing economies in South Asia, Africa, and Latin America that will feel the blunt. VeChain is at the heart of this revolution and it’s pushing to become the network of choice for sustainability globally.
The Tuesday report by BCG outlined the two key measures in Europe that will have the most impact globally. These are the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR).
BCG has invested heavily in sustainability measures and is advising massive conglomerates and sovereign governments on the way forward. The consultancy has been pushing for blockchain adoption in the sustainability revolution, and VeChain has been the network of choice. As CNF has reported throughout this year, the two have partnered to pioneer VeChain’s superior technology in an industry that attracted over $75 billion last year.
In response to the latest report by BCG, VeChain reiterated its support for continued investment in efforts to combat climate change.
Our blockchain technology will be the backbone of a global movement towards more sustainable business practices; an economic revolution that places transparency & trust at its core. By working with world leaders in the field, Vechain unlocks true sustainability with Web3.
VeChain and BCG Target Emerging Economies
In its report, BCG pointed out that the focus is moving beyond Western nations to emerging economies. These countries account for lower emissions than their developed counterparts per capita. However, collectively, they account for 85 percent of the global total and this will only grow as their economies advance.
This has led Europe to implement CBAM and EUDR, two frameworks that demand more effort from the emerging economies that supply their exports to European markets.
CBAM requires developed countries to pay about €85 per metric ton of CO2. With CBAM, Europe will now impose the same rate on CO2 emissions from materials that developing countries produce. With EUDR, Europe has banned all agricultural products produced from areas where rainforests have been recently cleared.
So, where does VeChain and its blockchain network fit in? Well, as its recent whitepaper broke down, VeChain and BCG will create blockchain biospheres, which are ecosystems that will leverage the blockchain to create networks that companies and governments can use to address sustainability challenges.
To attract users, these ecosystems will gamify the experience. In essence, they will reward users for the actions they take towards a stated sustainability goal.
By combining the efficiency and value of the VeChain blockchain with BCG’s expertise in this area, the network is “embarking on the next steps in our journey and globalizing our successes, launching a new web3-powered era of green global development.”
