CO2 Labs and Sentient Equity Partners will develop an ESG (Environmental, Social, and Governance) reporting application under a new xx network grant.
GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, March 14, 2022 /EINPresswire.com/ — Sentient Equity Partners (“Sentient”), a fund manager which invests in mining development projects, will soon be able to publicly and transparently post ESG compliance data on the xx network blockchain using software developed by C02 Labs. C02 Labs is a Cayman-based blockchain software developer. Sentient recently agreed to sell the globally significant Rincon lithium brine project, located in Argentina, to mining company Rio Tinto. Sentient is committed to strengthening its portfolio in alignment with sustainable best practices.
Sentient’s efforts reflect the mineral mining industry’s intent to move quickly to address pressure from investors and governments around the world to comply with global sustainability and CO2 reduction targets and regulations.
This new initiative is one of the first grant-supported projects under the xx network’s Social Responsibility Grant program which aims to back partnerships and initiatives that utilize blockchain and secure communications technology to create positive social change. Since 2019, ESG reporting has become a key focus for a wide range of industries as investors and the general public increasingly consider corporate responsibility and transparency as indicators of high performance.
“We have always been focused on innovation and sustainability as well as looking to reduce risk and identify new opportunities”, said Mike de Leeuw, Managing Partner of Sentient. “We believe that this project with CO2 Labs and the xx network to develop an 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.”
“Blockchain and decentralization is really about transparency. The xx network believes the transparency ethos should extend beyond financial application to communications, voting and computing more generally.” added William Carter, CTO of the xx network. “Given the current environmental crisis we face and the recent executive order by U.S. President Biden to focus on the energy impact of blockchain, I’m excited to apply the xx technology to facilitate corporate sustainability across all industries.”
While ESG reporting has seen significant adoption, varying standards and lack of expertise combined with difficulties in gathering, reporting, and viewing data have created challenges for compliance. C02 will use its xx network grant to streamline ESG reporting with an easy-to-use application that collects and formats data and publishes securely to the xx network’s scalable, quantum-secure blockchain. Once published, the public can easily view, analyze and understand the data with confidence.
“It is an honor to welcome Sentient and C02 to our ecosystem. We are happy we can help address efforts to improve the environment and hope many other players follow this effort to decarbonize investment and do so in an open and transparent manner.” said David Chaum, founder of the xx network.
About xx network
xx network is a new type of platform, offering a protected digital sphere through which its users can share ideas and exchange value in a secure and private way. The xx network blockchain relies on a novel quantum-secure consensus algorithm that efficiently achieves linear authenticator complexity and single-block finality, ensuring scaleable consensus-based operations. The network was built by teams led by well-known cryptographer David Chaum, often called the Godfather of cryptocurrency.
For more information, please visit https://xx.network/.