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Leading the circular economy and environmental protection- Establishing a circular economic system to reuse and recycle waste plastics and waste batteries- Mandatory application of "Landfill Zero" certification at new business sites
Responsible Supply Chain- Expanding due diligence by external institutions to supply chains of primary raw materials including cobalt- 100% transparency and traceability in the supply chain of raw materials
LG Chem, IBM and Ford Motor Company have joined an effort to increase the transparency of supply chains for cobalt used in batteries – referred to by some as the ‘Blood Diamond’ of the energy and tech sectors.
Earlier this month, a pilot project was announced which will use blockchain ledger technology to track the supply chain progress of cobalt produced at a mine in the Democratic Republic of Congo, where the majority of the world’s cobalt is dug up and supplied from.
The project will create an “immutable audit trail on the blockchain”, from mine to end-manufacturer, as the cobalt goes from the mine, owned by Korean company Huayou Cobalt, to smelting facilities. From there it goes into cathodes and other components for LG Chem’s batteries at facilities in South Korea and from there into Ford vehicles at factories in the US.
RCS Global Group, which takes a data-driven approach to advising companies on responsible sourcing and production issues, is participating in the pilot, the results of which will be judged against the intergovernmental Organisation for Economic Cooperation and Development (OECD) standards.
The project has begun looking at the Huayou Cobalt factory, which is classed as a large-scale miner (LSM) but it is hoped it can be opened up to examine and increase transparency in so-called artisanal and small-scale mining (ASM) also, which would enable the latter to access global markets for their products.
The technology is built on IBM’s blockchain platform and the Linux Foundation’s open source Hyperledger Fabric solution. It is designed to enable parties from across the supply chain to access it. IBM said the project will start with cobalt but is expected to be expanded to include other potential ‘conflict minerals’. A governance board is expected to be established.
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