The GrowHub Introduces Next-Gen ESG Tools for Transparent Supply Chain Management, Expands Collaborations in Bhutan and Vietnam
SINGAPORE, July 30, 2024 /PRNewswire/ -- Taking significant strides towards its goal of sustainable innovation, The GrowHub Innovations Company ("The GrowHub") has announced a second wave of enhancements – introducing advanced Environmental, Social, and Governance (ESG) tracking capabilities within its blockchain-powered platform. The company's strategic move doubles down on its mission to improve standards for food traceability and sustainability tracking across the F&B and consumables sectors amidst an industry landscape where greenwashing has become increasingly prevalent.
The GrowHub's platform is engineered to accurately and definitively trace food to its sources. The enhanced platform, to be introduced in the first half of 2025, will offer comprehensive carbon emission tracking across entire supply chains. This comes at a crucial time when robust tools are lacking to verify brands' environmental claims.
"Businesses and consumers can leverage The GrowHub's blockchain-powered platform to get access to data-driven insights into how sustainable a product is," said Lester Chan, CEO of The GrowHub. "We are transcending beyond mere assertions to offer verifiable, end-to-end carbon footprint data."
The GrowHub's enhanced ESG capabilities include:
- Comprehensive emissions tracking: From production to consumption, the platform monitors carbon emissions in manufacturing, logistics, and transportation.
- Consumer transparency: The platform allows consumers to verify a company's carbon neutrality claims and access indicative carbon emission data for products.
- Carbon offsetting verification: This method uses satellite mapping and blockchain technology to capture and verify carbon savings, addressing the current susceptibility to fraud in carbon credit markets.
- Localised standards: These standards recognise and account for regional variations in carbon emission measurements, which are particularly relevant in the Asian context where universal accreditation standards are still being developed.
The GrowHub is discussing rolling out traceability systems for food and carbon tracking with a few Asian government entities. Its senior management recently returned from Bhutan after meeting with several key stakeholders, including the CEO and CTO of Druk Holdings and Investments, the investment vehicle of the Royal Government of Bhutan. The GrowHub is also announcing plans to accelerate its growth in Vietnam.
"Traditional paper audits and manual checks are prone to inaccuracies and fraud," explained Alec Ngo, Chief Operating Officer at The GrowHub. "Our system leverages IoT sensors, satellite imagery, and blockchain to provide irrefutable, real-time data on carbon emissions and offsets."
This technology addresses critical issues in sustainability claims. For instance, urban farming, often touted as eco-friendly, can produce up to six times more pollution than traditional farming when scaled up due to infrastructure requirements and export-related emissions.
The GrowHub's platform enables a more nuanced understanding of sustainability. It can reveal how products claiming zero emissions in production may have significant carbon footprints when considering their entire lifecycle, including transportation and storage.
"Our platform provides the tools for companies focused on genuine accountability in their sustainability claims," Chan added. "This higher level of transparency is crucial for businesses, governments, and consumers as the world works toward a more sustainable future."
About The GrowHub Innovations Company
The GrowHub Innovations Company is a leading Singapore-based technological firm that provides cutting-edge solutions for transparent and sustainable supply chain management. As Asia Pacific's only Web 3-enabled plug-and-play ecosystem builder, The GrowHub focuses on traceability, data insights, and carbon credits. Leveraging blockchain technology and AI, the company ensures full traceability throughout the supply chain, empowering businesses with data-driven insights for a more connected and responsible future.
SOURCE The GrowHub Innovation Company
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