RELEASE: thyssenkrupp Materials Services Eastern Europe signs a Memorandum of Understanding with CarbonChain

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- thyssenkrupp Materials Services Eastern Europe signs a Memorandum of Understanding with CarbonChain for metals carbon transparency

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

LONDON, March 17, 2023 /PRNewswire/ -- CarbonChain, an AI-powered carbon accounting platform that uses granular data to provide end-to-end visibility into a company's supply chain carbon footprint, has announced the signing of a 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 to decarbonizing steel is a commitment from suppliers to accurate carbon accounting," said Adam Hearne, CEO and Co-Founder of CarbonChain. "Combining CarbonChain's carbon accounting expertise with thyssenkrupp's long-standing presence in the industry will be a vital tool in driving transparency and decarbonization in steel supply chains."

The agreement allows CarbonChain to equip thyssenkrupp Materials Services Eastern Europe with the necessary tools to track greenhouse gas emissions from metal production and define standards for supplier transparency. thyssenkrupp Materials Services Eastern Europe recently published its sustainability targets, 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 thyssenkrupp's supply chains is critical," said Jörg Heiles, CEO of the materials section of thyssenkrupp's Materials Services Eastern Europe operating unit. "By joining forces with vendors like mills and using CarbonChain's leading technical solution, the industry can begin to build high-fidelity emissions transparency, so that decarbonisation decisions can be made at the supplier, product and company level. The collaboration with our suppliers will help us prepare our supply chains for carbon price reporting and regulation, develop meaningful climate targets, and support our continued political engagement."

Together, both companies will promote the adoption of digital solutions for monitoring GHG emissions in supply chains. This project will improve the transparency of thyssenkrupp Materials Services Eastern Europe, along with other industry leaders, with detailed information on the carbon hotspots of their supply chain, product carbon footprints and emission reduction opportunities.

About CarbonChainCarbonChain empowers companies to make climate-friendly decisions to accelerate actions towards 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 so that manufacturers, commodity traders, financiers and freight forwarders gain unrivaled insight into carbon-related risks and opportunities in near-time real.

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

Media contact: carbonchain@bamtheagency.com

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