Glencore is among the seven leading companies in the raw materials sector to have joined the Mining and Metals Blockchain Initiative as a founding member. This initiative from the World Economic Forum (WEF) intends to facilitate more responsible extraction and traceability of materials. In addition, the joint platform will provide information with regard to CO2 emissions.
According to a press release issued by Glencore, the initiative will pool resources and costs in addition to becoming a neutral enabler for the industry. Instead of acting individually, the initiative plans to promote industry-wide trust, address the lack of standardization and prevent the fragmentation of the sector by encouraging companies to enter into mutual cooperations. The members will examine issues related to governance, develop case studies and establish a working group.
“Material value chains are undergoing profound change and disruption”, comments Jörgen Sandström Head of the Mining and Metals Industry, World Economic Forum. “The industry needs to respond to the increasing demands of minerals and materials while responding to increasing demands by consumers, shareholders and regulators for a higher degree of sustainability and traceability of the products”. In the summer, the WEF published guidelines with regard to the framework of values for blockchain technology. These recommended that global companies should invest the requisite time to understand this technology.
“We welcome the development of technology that can facilitate industry reporting to improve compliance across the supply chain”, says Ivan Glasenberg, CEO of Glencore International AG, in the press release.