The digital platform has been developed internally by Olam and was born out of the Singapore Emerging Stronger Taskforce’s (EST) Alliance for Action on Sustainability. The platform aligns with the Monetary Authority of Singapore’s (MAS) Project Greenprint to enable a more open, trusted and efficient ecosystem to support the financial sector’s green and sustainability agenda.
According to Olam, despite many companies making carbon-reduction declarations and net-zero commitments, few have been able to develop a credible climate action playbook on how to get there.
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Challenges include the slow, expensive and not so accurate process for carbon measurement which currently exists. It is also challenging for companies to measure external emissions produced along their supply chains which typically make up the bulk of their carbon footprint.
GreenPass will be based on Olam’s own platform which, according to the company, has achieved data measurements that were more comprehensive, accurate and less time-consuming.
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Olam’s solution will be able to work with other Project Greenprint platforms to provide a wide-ranging suite of solutions. As a next step, Olam is exploring opportunities to pilot this approach across different sectors.
“We have learnt a lot on our own sustainability journey and in building our systems to measure and track our own emissions. Based on this experience, we believe we can now help others do the same,” says Suresh Sundararajan, Olam’s managing director and global head of corporate services.
“This will create greater transparency and help companies and their stakeholders be sure that they are making verifiable real impact, and not just ‘greenwashing’,” he adds.
As at 1.43pm, shares in Olam were trading flat at $1.70.
Photo: Olam International
