Biodiversity law and regulation
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Technological advances in remote-sensing and traceability
Regulation and financial market initiatives in this area are developing alongside technology which permits greater transparency of value chains and real-time management. The multiple value chain crises of the last few years have underlined the importance of value chain resilience. There are great incentives for corporations to have transparency in value chains to reduce inefficiencies, build in resilience to disruptions and remove duplications, respond faster to changes in demand, innovate faster, and minimise the impact of disruptions. 245
We now have the technology to trace many of the raw materials that go into a product “cradle to grave” (or, eventually, from “cradle to cradle” in a circular economy). Companies are increasingly adopting Supply Chain Management systems and digitising their supply chains, including on blockchain. 246 For example, BeefLedger uses blockchain and the Internet of Things to track provenance, streamline payments, mitigate fraud risk, and provide transparency in Australian beef production, particularly for the Chinese market. 247 The advent of voluntary and mandatory climate change reporting and regulatory scrutiny means that there is going to be an increased push for supply chain insights to track and monitor corporations’ CO2 and other GHG emissions, in order to report on Scope 3 emissions. 248
245 Hernan Saenz et al., Traceability: The Next Supply Chain Revolution, Bain & Company, 30 September 2021; A Framework for More Sustainable and Resilient Value Chains,World Economic Forum, September 2021.
246 Accenture, How Blockchain can enable traceability in the food industry. 247 Ibid.; Beefledger. 248 Implementing Traceability: Seeing through Excuses, Planet Tracker, 17 January
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