.svg)
This high-tech partnership combines blockchain-powered traceability with advanced remote sensing technology to address growing sustainability regulations.
Cardiff, 16 October 2024: In response to the increasing global push for sustainability compliance, Finboot and OpenAtlas have announced a groundbreaking partnership to launch an innovative solution for European Union Deforestation Regulation (EUDR) compliance.
Unlike other regulations, the EUDR is product-based and prohibits non-compliant companies from placing certain commodities or derived products on the market unless three conditions are met: they must be deforestation-free, produced in accordance with the relevant legislation of the country of production, and covered by a Due Diligence Statement (DDS). This significantly impacts global supply chains and sustainability initiatives. For instance, the EUDR covers full supply chain traceability and due diligence reporting on timber, palm oil, soy, cocoa, coffee, cattle, and rubber (as well as their derived products)—responsible for 90% of global deforestation—affecting EU operators, suppliers exporting to the EU, companies transforming commodities into products, and traders reselling them.
Under the EUDR, operators must gather detailed information about their products at the farm/producer level and create a DDS, which is then uploaded to a system managed by the European Commission. This information includes the geolocation of all land plots where the product, or its parts, have been produced or stored – specific to the case of cattle.
Beyond deforestation's impact on climate change, a recent report from the World Economic Forum (𝘏𝘪𝘨𝘩-𝘌𝘮𝘪𝘵𝘵𝘪𝘯𝘨 𝘚𝘦𝘤𝘵𝘰𝘳𝘴: 𝘊𝘩𝘢𝘭𝘭𝘦𝘯𝘨𝘦𝘴 𝘢𝘯𝘥 𝘖𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘪𝘦𝘴 𝘧𝘰𝘳 𝘓𝘰𝘸-𝘊𝘢𝘳𝘣𝘰𝘯 𝘚𝘶𝘱𝘱𝘭𝘪𝘦𝘳𝘴, September 2024), analyzes decarbonization pathways in six high-emitting sectors responsible for approximately 25% of global greenhouse gas emissions: aviation, shipping, trucking, aluminum, cement/concrete, and steel. As the world grapples with the urgent need to mitigate climate change, these industries are under increasing pressure to implement strategies to reduce their carbon footprint - Carbon emissions from these sectors need to decline by an astounding 93% by 2050 to achieve net zero carbon emissions. The report concludes that ¨suppliers are a key player in this ecosystem as they are instrumental in driving innovation, piloting low-carbon technologies and bringing these solutions to market, thereby influencing downstream emissions across the global value chain.¨
This partnership between Finboot, a top technology provider for green supply chain management solutions for capital-intensive companies, and OpenAtlas, a company that leverages remote sensing technology to monitor for deforestation-risk and ensure compliance, is an example of suppliers working together to improve transparency and accountability in supply chains across different industries. This is especially important now because regulations like EUDR, ESPR, and CS3D are demanding higher levels of transparency and accountability from businesses that, in turn, require increasingly sophisticated third-party technology solutions to meet compliance.
The partnership brings together Finboot's expertise in blockchain-powered traceability through its MARCO Track & Trace solution and OpenAtlas's VANTAGE-X deforestation verification remote sensing solution (geolocalization), offering real-time monitoring, comprehensive compliance data, and immutable record-keeping, addressing the growing need for companies to ensure and demonstrate sustainable practices throughout their supply chains, particularly in relation to deforestation risks. This integration allows companies to:
Juan Miguel Pérez Rosas, CEO of Finboot, stated, "Our collaboration with Open-Atlas represents a significant step forward in providing businesses, especially in these hard-to-decarbonize markets such as oil and gas, mining, packaging, and chemicals, with the tools they need to meet complex regulatory requirements. By combining our blockchain capabilities with OpenAtlas's cutting-edge remote sensing technology, we're offering comprehensive solution that not only ensures compliance but also drives sustainable practices across industries."
Harry Marshall, CEO of OpenAtlas, celebrates, "We're excited to expand our footprint into the oil & gas, chemicals, steel, and aviation industries where Finboot has a strong presence.".
Open Atlas technical capabilities include:
Despite discussions continuing regarding potential changes to EUDR deadlines, Finboot and OpenAtlas strongly advocate that companies must prepare their supply chain for compliance. Initially the regulation was set to come into effect on December 30, 2024, however, on October 2nd, the European Commission proposed an additional 12-month delay, with large companies potentially facing compliance by December 2025 and small businesses by June 2026. While all the tools for implementation are technically ready, the Commission suggests this extension to ensure smooth phasing-in.
"EUDR compliance will be more challenging and time-consuming than many anticipate. Our advice to businesses is to aim for end-of-year compliance this year and continue improving through 2025," Harry added.
Alvaro Llobet, Head of Product at Finboot, highlights: "Our combined solution provides a unique value proposition to the market, automating the whole process, lowering operational costs, increasing efficiency, and minimizing deforestation risks within supply chains."
For companies looking to prepare for upcoming regulations and enhance their sustainability efforts, the Finboot and Open-Atlas solution offers a powerful, efficient, and future-ready approach to compliance and supply chain transparency.
Finboot extends beyond EUDR and can address other current and upcoming regulatory requirements such as ESPR, REDIII, CS3D, and CBAM. This adaptability ensures that businesses can future-proof their compliance efforts in an ever-evolving regulatory landscape.
______________________________ * * END * ______________________________
ABOUT FINBOOT
Finboot’s technology provides green supply chain management for the world's largest capital-intensive companies. Our technology traces carbon emissions and minimises risk through immutable data. Finboot is backed by SABIC and Repsol. Finboot has created the first green supply chain management suite with features including integrated traceability, allowing you to track carbon emissions, automate digital product passports, create your sustainability credits, and facilitate compliance. Finboot is headquartered in Cardiff with a base in Barcelona.
Finboot is a leading provider of blockchain technology solutions, specializing in enhancing transparency, traceability, and efficiency across various industries. With a focus on sustainability and innovation, Finboot empowers organizations to achieve net-zero goals while optimizing their operations through cutting-edge blockchain applications.
For more information about Finboot's compliance solutions or to explore collaboration opportunities, please visit www.finboot.com or contact info@finboot.com.
ABOUT OPEN-ATLAS
OpenAtlas is an innovative, Amsterdam-based remote sensing business, dedicated to providing cutting-edge deforestation monitoring and compliance solutions. Utilising state-of-the-art, high-revisit rate satellite imagery and proprietary machine learning algorithms, our technology empowers businesses, governments, and NGOs to effectively monitor and verify deforestation activities, ensuring adherence to global environmental regulations such as the European Union’s Deforestation Regulation (EUDR).
Founded by a team of leaders in Artificial Intelligence (AI), remote sensing, and enterprise technology solutions, OpenAtlas is at the forefront of promoting sustainable land management practices. Our platform does more than detect deforestation; it delivers actionable insights and detailed analytics that help our clients reduce environmental risks, make informed decisions, and streamline compliance efforts efficiently.
At OpenAtlas, we are committed to using technology for the betterment of the planet. Our solutions are designed to be scalable, precise, and user-friendly, simplifying environmental management for companies worldwide. As we continue to enhance our technology and expand our reach, OpenAtlas stands as a leader of innovation in environmental compliance and satellite monitoring.
Discover how OpenAtlas can streamline your business’ compliance efforts at www.open-atlas.com or connect with us on LinkedIn for the latest updates and insights.
______________________________ NOTE FOR EDITORS ______________________________
CONTACT
Flavia Sales
Marketing Manager, Finboot
.svg)
.svg)
.svg)
.jpg)
