Concord's Journey to Industry-Leading Carbon Insight for Trade Portfolio with CarbonChain
Customer Company Size
Large Corporate
Region
- Europe
- America
- Asia
Country
- United Kingdom
- Hong Kong
- United States
Product
- CarbonChain
- CTRM (Commodity Trading and Risk Management) platform
Tech Stack
- Machine Learning
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Environmental Impact Reduction
- Customer Satisfaction
- Digital Expertise
Technology Category
- Analytics & Modeling - Machine Learning
- Functional Applications - Remote Monitoring & Control Systems
Applicable Industries
- Metals
- Mining
Applicable Functions
- Business Operation
Use Cases
- Supply Chain Visibility
Services
- Data Science Services
- System Integration
About The Customer
Concord Resources Limited is a prominent commodity merchant specializing in non-ferrous metals and associated raw materials. Established in 2015, Concord has rapidly grown to become one of the leading global independent traders in the metals and minerals sector. The company is headquartered in London, with representative offices in New York, Connecticut, and Hong Kong. Concord's focus on non-ferrous metals positions it at the forefront of the commodities market, where it engages in extensive trading activities. With a commitment to sustainability and innovation, Concord is dedicated to understanding and managing its carbon footprint, particularly its Scope 3 emissions, to align with the global transition towards a net-zero economy. The company's strategic approach to carbon accounting and its collaboration with CarbonChain demonstrate its leadership in the sector, as it seeks to set new standards for transparency and accountability in commodity trading.
The Challenge
In 2019, Concord faced the challenge of calculating Scope 3 emissions for its 10,000 annual trades. As a leading commodity merchant in the non-ferrous metals sector, Concord recognized the importance of understanding its carbon footprint to future-proof its business and manage carbon risk. The company aimed to take a market-leading approach in carbon accounting for commodity trading, which required accurate, verifiable, and comprehensive emissions calculations. Concord needed to benchmark its performance, break down emissions sources, and compare trades, suppliers, and assets to gain actionable insights for its carbon strategy. However, the task was daunting due to the sheer volume of manual data collection and analysis required, coupled with the notorious shortage of reliable emissions data for the extraction, production, and transport of commodities. Concord needed a cost-effective solution that could address these specific challenges, leading them to partner with CarbonChain.
The Solution
To address the challenge of calculating Scope 3 emissions, Concord partnered with CarbonChain, a company specializing in carbon accounting solutions. CarbonChain provided a comprehensive solution by extracting and organizing data from Concord's Commodity Trading and Risk Management (CTRM) platform. The process involved identifying gaps in the data, such as missing asset-level information, which is crucial for accurate emissions calculations. CarbonChain's technology, powered by machine learning, filled these gaps and modeled the 10,000 trades, tracking the commodities' movements from source to production to transportation. This approach enabled Concord to obtain a complete carbon footprint for its entire trade portfolio, with asset-level breakdowns. CarbonChain's software allowed for quick calculations, providing comprehensive emissions reports within 10 minutes. The solution offered Concord the ability to benchmark its carbon performance, rate trades, suppliers, and activities, and gain actionable insights for its carbon strategy. By embedding automated Scope 3 carbon accounting into its workflow, Concord is better prepared for changing regulations and stakeholder demands, and can proactively share its emissions data with stakeholders to support data-led decision-making.
Operational Impact
Quantitative Benefit
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