In a recent publication, The Boston Consulting Group outlined the significant impact of recent regulatory changes in Europe on global trade, highlighting the pivotal role of sustainability. VeChain, with its highly scalable blockchain platform, is positioned at the forefront of this sustainability revolution, emphasizing transparency and trust as its core values.
Climate change stands as humanity’s existential threat, and our focus on economic interests over sustainability has put us on a time-sensitive path to rectify the situation. While Europe leads the charge, the Boston Consulting Group’s report reveals that developing economies in South Asia, Africa, and Latin America will bear the brunt of the changes.
VeChain is at the epicenter of this revolution and is actively striving to become the preferred network for global sustainability. The report by BCG, released on Tuesday, highlights two pivotal measures in Europe with far-reaching global implications: the Carbon Border Adjustment Mechanism (CBAM) and the EU Deforestation Regulation (EUDR).
BCG has made substantial investments in sustainability measures and is providing guidance to major conglomerates and sovereign governments on the way forward. The consultancy has been a strong advocate for blockchain adoption in the sustainability revolution, and VeChain has emerged as the preferred network. As CNF has extensively reported this year, the two entities have partnered to pioneer VeChain’s superior technology in an industry that attracted over $75 billion in investments last year.
In response to BCG’s latest report, VeChain reiterates its commitment to continued investment in combating climate change. Its blockchain technology serves as the foundation for a global movement towards more sustainable business practices, driving an economic revolution centered around transparency and trust. By collaborating with world leaders in the field, VeChain unlocks true sustainability through Web3.
VeChain and BCG are now focusing on emerging economies, as highlighted in the report. These countries have lower emissions per capita compared to developed nations, but collectively contribute to 85 percent of the global total, a figure projected to increase as their economies progress. Consequently, Europe has implemented CBAM and EUDR to demand greater efforts from these emerging economies that supply their exports to European markets.
CBAM requires developed countries to pay approximately €85 per metric ton of CO2, imposing the same rate on CO2 emissions from materials produced by developing countries. EUDR, on the other hand, prohibits the sale of agricultural products sourced from regions where rainforests have recently been cleared.
So, where does VeChain and its blockchain network fit into this equation? As outlined in their recent whitepaper, VeChain and BCG are creating blockchain biospheres, which are ecosystems leveraging blockchain technology to establish networks that companies and governments can utilize to address sustainability challenges.
To attract users, these ecosystems will incorporate gamification elements, rewarding users for their contributions towards achieving sustainability goals. By combining the efficiency and value of the VeChain blockchain with BCG’s expertise, the network embarks on the next phase of its journey, heralding a new era of green global development powered by Web3 technology.
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