Fujitsu and IHI launch joint blockchain project to further develop environmental value exchange market
Participated in Ministry of the Environment's J-Credit "J-Credit Easy Generation" project as a partner
IHI Corporation, Fujitsu Limited
Tokyo, July 6, 2023
Fujitsu and IHI Corporation today announced progress in a joint project initiated in FY 2022 to contribute to carbon neutrality and 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 (1).
As part of this initiative, the two companies applied for and were selected by Japan’s Ministry of the Environment 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.
Moving forward, 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, which converts CO2 emissions reductions calculated using data collected at IHI's IoT platform "ILIPS(IHI group Lifecycle Partner System)” (2) into tokens (3) that can be distributed on the environmental value exchange market using Fujitsu's "ConnectionChain" blockchain technology (4), which securely interconnects different blockchains.
By adding J-Credit’s “J-Credit Easy Generation” to the environmental value distribution platform, companies and organizations 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 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 realization of carbon neutrality by expanding their businesses to tackle the digital verification of the value generated by environmental measures that address issues like 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 utilizing IoT and blockchain technology using the "Introduction of Photovoltaic Power Generation Facilities (EN-R-002)" methodology. The demonstration will be conducted in the following three phases.
(1) 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.
(2) From September 2023 to December 2023: Demonstration conducted
System construction and demonstration. Report on the results of the demonstration and review the proposed revisions to the J-Credit system
(3) From January 2024 to March 2024: Final adjustments to prepare for actual implementation
Review proposed revisions to the J-Credit System Document. In addition, the system modification and operation plan based on the demonstration results are discussed.
- J-Credit :
A system in which the national government certifies the amount of greenhouse gases reduced or absorbed as credits.
- ILIPS :
A common platform for IHI Group products that integrates data on equipment and facilities on cloud servers for use in life cycle business, with the aim of enhancing IHI Group products and services.
- Tokens :
Digitized rights and assets issued independently by companies and organizations using blockchain technology.
- ConnectionChain :
Blockchain technology that securely interconnects different blockchains and ensure transparency of transactions.
Fujitsu’s Commitment to the Sustainable Development Goals (SDGs)
The Sustainable Development Goals (SDGs) adopted by the United Nations in 2015 represent a set of common goals to be achieved worldwide by 2030.
Fujitsu’s purpose — “to make the world more sustainable by building trust in society through innovation” — is a promise to contribute to the vision of a better future empowered by the SDGs.
Fujitsu’s purpose is to make the world more sustainable by building trust in society through innovation. As the digital transformation partner of choice for customers in over 100 countries, our 124,000 employees work to resolve some of the greatest challenges facing humanity. Our range of services and solutions draw on five key technologies: Computing, Networks, AI, Data & Security, and Converging Technologies, which we bring together to deliver sustainability transformation. Fujitsu Limited (TSE:6702) reported consolidated revenues of 3.7 trillion yen (US$28 billion) for the fiscal year ended March 31, 2023 and remains the top digital services company in Japan by market share. Find out more: www.fujitsu.com.
Public and Investor Relations Division
All company or product names mentioned herein are trademarks or registered trademarks of their respective owners. Information provided in this press release is accurate at time of publication and is subject to change without advance notice.
Date: 6 July, 2023
City: Tokyo, Japan
Company: IHI Corporation, Fujitsu Limited