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Chicago based trading platform Orbex, together with partner OASIS, a non-profit standards body and developer of the original XML code announced Tuesday OASIS Open’s universal business language (UBL) commodities sub-committee has established a new charter dedicated to streamlining emissions data for compliance reporting of commodities and products, including metals.

The initiative, the companies said, marks a significant step toward standardizing how emissions data is aggregated and reported, enhancing resource efficiency in the critical materials sectors.

They said the UBL Commodities SC on emissions data aims to address the growing need for data interoperability assuring Digital Product Passports (DPP) can be seamlessly integrated into the procurement processes, capturing environmental attributes of the commodities used in a product, and allowing for automated evaluation and reporting.

Key objectives

The companies said key to the initiative are data standardization —developing and promoting standardized methodologies for collecting, analyzing, and reporting emissions data for commodities and end products; facilitating partnerships among industry stakeholders, including commodity producers, manufacturers, recyclers, policymakers, and research institutions, to drive innovation in circularity.

They also plan to advocate for policies that support energy transition, circular economy initiatives, encouraging governments and regulatory bodies to adopt and implement sustainable practices in the commodity sectors.

Technology Integration, Orbex said, will promote the use of blockchain and IoT to enhance traceability and transparency in the commodity supply chain.

Last year, Orbex and OASIS first partnered to launch the world’s first marketplace for globally recognized authenticated recycled metals. 

The venture was built in partnership with SA recycling, which has 125 locations – the largest network of scrap metal facilities in the United States – and is one of the world’s largest recyclers.

As UBL is an XML Data Interchange format that is native to most large ERP systems, Orbex CEO Thomas Buchar told MINING.com the new emissions reporting standard can help in promoting transparency and accountability in the mining industry and provide stakeholders with reliable data on sourcing and environmental impact.

“Orbex’ new platform can help the mining industry enhance transparency and accountability by providing detailed information on the source of materials and quantifying emissions per unit of product,” Buchar said in an emailed statement.

“This data supports regulatory compliance, improves sustainability reporting, and can attract ESG-focused investors by demonstrating a commitment to ethical and environmental standards … and the general public by showcasing a company’s dedication to responsible mining practices,” he said.

Source: MINING.COM – Read More