thyssenkrupp Materials Services Eastern Europe signs MoU with CarbonChain for Metals Carbon Transparency

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CarbonChain's transparent and accurate carbon accounting will support thyssenkrupp Materials Services Eastern Europe in its decarbonization efforts.

LONDON, March 17, 2023 /PRNewswire/ -- CarbonChain, an AI-fueled carbon accounting platform using granular data to provide end-to-end visibility into the carbon footprint of a company's supply chain, announced it has signed a landmark Memorandum of Understanding (MoU) with thyssenkrupp Materials Services Eastern Europe, the leading industrial materials partner in the eastern European market, to build an ecosystem of carbon transparency in the metals industry.

"A missing piece for steel decarbonization is supplier engagement with accurate carbon accounting," said Adam Hearne, CEO and Co-founder, CarbonChain. "Combining CarbonChain's carbon accounting expertise with thyssenkrupp's deep rooted industry presence will be a vital tool to spur transparency and decarbonization across intersecting steel supply chains."

The agreement allows CarbonChain to enable thyssenkrupp Materials Services Eastern Europe with the tools needed to track metal production greenhouse gas emissions and define standards for supplier transparency. thyssenkrupp Materials Services Eastern Europe recently publicized its sustainability goals, sharing its commitment to operate on a climate-neutral basis, reduce CO2 emissions in the supply chain and enforce social standards.

"Integrating GHG transparency into the supply chains of thyssenkrupp is critical," said Jörg Heiles, CEO Operating Unit Materials, thyssenkrupp Materials Services Eastern Europe. "By joining forces with suppliers like mills and using CarbonChain's leading technical solution, the industry can start to build high fidelity emissions transparency, so that decarbonization decisions can be made at the supplier, product, and company levels. Engaging with our suppliers will help us prepare our supply chains for reporting and carbon pricing regulation, develop meaningful climate goals, and support our ongoing policy engagement." 

Together, both companies will foster the adoption of digital solutions to track GHG emissions across supply chains. This project is set to enhance transparency for thyssenkrupp Materials Services Eastern Europe, alongside other industry leaders, with detailed insights into its supply chain carbon hotspots, product carbon footprints, and opportunities for emissions reductions.

About CarbonChain
CarbonChain empowers companies to make climate-conscious decisions to accelerate action toward a net-zero economy. Its AI-powered carbon accounting platform automates emissions tracking with accurate, granular, asset-level data for carbon-intensive supply chains, including metals, mining and manufacturing. CarbonChain's methodology has been validated by SGS and verified by Bureau Veritas for manufacturers, commodity traders, financiers and freight firms to unlock unrivaled insight into carbon-related risks and opportunities in near real time.

Founded in 2019, CarbonChain is a CDP accredited solutions provider, a Task Force on Climate-Related Financial Disclosures (TCFD) supporter and a proud member of ResponsibleSteel. CarbonChain is supported by the UK government's innovation arm (InnovateUK) and was part of the Y Combinator Summer 2020 cohort. Visit carbonchain.com to learn more.

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