VeChain and DNV GL Ink Carbon Emission Reduction Deal As Royals Look On

VeChain and DNV GL made their collaboration official with a signing ceremony attended by the royalty of Norway: King Harald V and his wife Queen Sonja. VeChain Foundation took to its blog to post about this signing.The partnership has been inked with regard to their previously discussed, arranged and finalised agreement for achieving the goals of bringing down carbon emissions. The two parties put their signature on paper at the Norway-China Business Summit for this year.

This event was jointly sponsored by two entities from the two countries, namely the Chinese Council for the Promotion of International Trade (CCPIT) and Innovation Norway. The fact that their Majesties the King and Queeen of Norway were there to witness this moment makes it all the more special. DNV GL has long been working with United Nations to attain the Sustainable Development Goals (SDGs) that are geared towards protecting and safeguarding the environment and this agreement is expected to take their contribution to such goal fulfillment even further. To quote their joint press release :

“The DNV GL-VeChain Digital Low Carbon Ecosystem achieves a vision of building a digital low carbon ecosystem to reduce global carbon emissions and create a low carbon life.”

This collaborative effort incorporates blockchain technology with entities and companies such as certification authorities and research institutes. The two signatories from the parties included DNV GL group’s President and Chief Executive Officer Remi Eriksen and BYD Automotive Intelligent Ecological Research Institute’s President Shu Youxing. Besides DNV GL and VeChain, other companies that were a part of the deal included Tsinghua University, PICC, Bright Foods and BYD.

This agreement means that the VeChain Thor Blockchain and Internet of Things (IoT) tech would be utilised for monitoring and tracking the reducing values of carbon emissions. By making use of smart contracts, the companies would be able to find out how much reduction was made. Based on how much carbon emission reduction there had been, carbon credits would be given to individuals, and these will be redeemed by purchasing products or services from businesses. As of now, the technology is merely being tested and checked how it functions with different partner enterprises. For example, BYD vehicles might be sold based on this technology sometime in the future.