The HBAR Foundation announced on August 2, 2023, that Hyundai Motor Company and Kia Corporation have implemented an AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to track the carbon emissions of their business partners. This innovative system is built on the highly scalable Hedera network and aims to improve sustainability in the automotive industry.
Reducing carbon emissions is crucial in mitigating the impacts of climate change. However, to achieve this goal, accurate and transparent measurement, verification, and reporting of sustainability data are essential. The SCEMS is designed to compute carbon emissions at every stage of the supply chain, providing reliable data across the auto manufacturers’ supplier network. This includes the procurement of raw materials, the manufacturing process, and product transportation.
Hyundai Motor and Kia have successfully tested the effectiveness of the Hedera network and have chosen to adopt it to collect carbon emissions data promptly and securely. This implementation provides stakeholders and investors with visibility and confidence in the sustainability efforts of the companies. Seung Hyun Hong, Head of Materials Research and Engineering Center at Hyundai Motor and Kia, stated that the SCEMS unlocks a revolutionary approach to managing carbon emissions and combating climate change. They are at the forefront of this transformative journey, collaborating with their partners to shape a greener and brighter future for all.
The integration of blockchain and AI technology in managing carbon emissions enables accurate predictions of future carbon emissions. This is crucial in setting meaningful carbon reduction targets and actively addressing climate change. Hyundai Motor and Kia’s ultimate aim is to tackle climate change by meeting local and global environmental regulations and establishing sustainable supply chains within their companies and with their cooperative partners.
Shayne Higdon, Co-founder and CEO of the HBAR Foundation, expressed the foundation’s support for sustainable solutions that address climate change and promote global sustainability practices. The carbon emission monitoring system of Hyundai Motors and Kia aligns with the foundation’s mission, which includes supporting carbon offset and traceability projects onboarded to the Hedera network.
Hyundai Motor Group is a global enterprise with a value chain based on mobility, steel, construction, logistics, finance, IT, and service. The Group’s mobility brands include Hyundai, Kia, and Genesis. With approximately 250,000 employees worldwide, they strive to create a better future for all through creative thinking, cooperative communication, and the willingness to take on challenges.
The HBAR Foundation supports the creation of Web3 communities on the Hedera network by empowering and funding builders developing these communities. The foundation has six funds focused on the Crypto Economy, Metaverse, Sustainability, Fintech, Privacy, and Female Founders. Each fund supports communities within its respective area, enabling applications to participate in a larger ecosystem.
These funds empower entrepreneurs, developers, and enterprises of all sizes to tackle significant global problems and create and control their economies on the Hedera public network. Whether building something new or migrating an existing EVM-based application and community, the HBAR Foundation is available to provide support.
For more information about Hyundai Motor Group, please visit their website at www.hyundaimotorgroup.com.
To learn more about the HBAR Foundation and their initiatives, visit https://hbarfoundation.org.
For media inquiries, contact [email protected].
Source: The HBAR Foundation
