Fujitsu and IHI Corporation have made progress in a joint project initiated in FY 2022 to contribute to carbon neutrality. The project aims to create an environmental value distribution platform that supports environmental value transactions.
In June 2023, the two companies began working on a J-Credit Easy Generation by simplifying the environmental value creation process (Collection, verification, and reporting of data such as CO2 emissions) in preparation for the issuance of J-Credit.
As part of this initiative, Japan’s Ministry of the Environment selected the two companies after they applied. They will act as collaborators engaged in a project for the Outsourcing of Research and Development towards Digital Technology Utilization in FY 2023 J-Credit System. Work on the project will commence from June 2023 and conclude in March 2024.
Furthermore, the two companies plan to start providing the J-Credit Easy Generation as a module of the environmental value distribution platform in fiscal 2024.
Overview of Joint Project
Since fiscal 2022, IHI and Fujitsu have been carrying out a joint project to create an environmental value distribution platform. It converts CO2 emissions reductions calculated using data collected at IHI’s IoT platform ILIPS (IHI group Lifecycle Partner System) into tokens. In turn, these can then be distributed on the environmental value exchange market using Fujitsu’s ConnectionChain blockchain technology, which securely interconnects different blockchains.
By adding J-Credit?s ?J-Credit Easy Generation? to the environmental value distribution platform, companies and organisations that contribute to the environment through measures like reducing CO2 emissions will be able to easily convert environmental value into J-Credits.
At the same time, by promoting the application of digital technology to J-Credit transactions, Fujitsu aims to build a sustainable value chain model. One that enables buyers to smoothly trade the environmental value created by the environmental value creators as J-Credits.
The two companies will contribute to the realisation of carbon neutrality by expanding their businesses to tackle the digital verification of the value generated by environmental measures that address issues, such as product carbon footprint, starting with J-Credit’s J-Credit Easy Generation.
Overview of Ministry of the Environment’s J-Credit “J-Credit Easy Generation” Demonstration Project (Public Offering Overview)
The purpose of this project is to consider the simplification of the process from monitoring to issuing J-Credits by utilising IoT and blockchain technology using the ‘Introduction of Photovoltaic Power Generation Facilities (EN-R-002)’ methodology. It will conduct the demonstration in the following three phases:
- From June 2023 to August 2023: Planning and discussion points for the demonstration Technical requirements for system construction are sorted out and examined, and a demonstration plan is formulated.
- From September 2023 to December 2023: Demonstration conducted System construction and demonstration. In turn, report on the results of the demonstration and review the proposed revisions to the J-Credit system.
- From January 2024 to March 2024: Final adjustments to prepare for actual implementation
Review proposed revisions to the J-Credit System Document. Additionally, there is a discussion on the system modification and operation plan based on the demonstration results.
Francis Bignell