The EU Commission has moved on March 30th 2022 to propose new rules to request a wide range of physical products on the EU market to be provided with a Digital Product Passport.
The Digital Product Passport is required to enhance the end-to-end traceability of a product, completing information provided in product manuals or labels. It should help consumers make informed choices by including information on the environmental footprint on products, information about the supply chain etc.
The commission has identified product categories such as textile and furniture for the first work plan, and foresees rules to be set for most physical goods placed on the market.
The information to be included in the Digital Product Passport will be determined when preparing product specific rules, providing access to information on a need to know basis.
The product passport will be mandatory for all products, except for food and medicine, placed on the Union market. All products must comply with information requirements and performance requirements eg. minimum recycled fiber content for textiles. Information requirements can be fulfilled by providing a product passport.
Using TrueTwins to comply with the forthcoming Regulation
The TrueTwins technology is by design targeting the EU Draft Sustainable Product Regulation by enabling consumers to trace a product’s journey through the entire product life cycle; from sourcing to ownership, resale and recycling.
TrueTwins’ Digital Passport offers a plug and play consumer interface, accessible through ISO standard compatible identifiers, through a digital widget, NFC tag, Bar code or QR code, and requires no special hardware. This UID framework is fully compliant with all ISO standards as stipulated in the EU draft regulation article 9.
Fully adhering to EU GDPR regulation, TrueTwins Digital Product Passporting Technology provides a platform for voluntary sharing of data at product level, connecting the consumer with the producer via the vendor and/or payment vehicle, down the entire supply chain. This in turn enables authorities and intermediates along that value chain to gain access to all permitted product data.
Ultimately, greater demand for ESG will spur a large industry of innovative data and service providers, one that we believe could be as large as USD 5 billion in annual revenues five years from now.
EU’s Circular Economy Action Plan chime perfectly with the TrueTwins digital passport designed for these very purposes and enabling brands to differentiate themselves in the sustainability space ahead of the regulation now under way.
The shift in value of sustainable products and assets ties in with rapidly increasing requirements for reporting and disclosure of the carbon footprint of investments.
EU to require Digital Passporting
The EU Commission has moved on March 30th 2022 to propose new rules to request a wide range of physical products on the EU market to be provided with a Digital Product Passport.
The Digital Product Passport is required to enhance the end-to-end traceability of a product, completing information provided in product manuals or labels. It should help consumers make informed choices by including information on the environmental footprint on products, information about the supply chain etc.
The commission has identified product categories such as textile and furniture for the first work plan, and foresees rules to be set for most physical goods placed on the market.
The information to be included in the Digital Product Passport will be determined when preparing product specific rules, providing access to information on a need to know basis.
The product passport will be mandatory for all products, except for food and medicine, placed on the Union market. All products must comply with information requirements and performance requirements eg. minimum recycled fiber content for textiles. Information requirements can be fulfilled by providing a product passport.
Using TrueTwins to comply with the forthcoming Regulation
The TrueTwins technology is by design targeting the EU Draft Sustainable Product Regulation by enabling consumers to trace a product’s journey through the entire product life cycle; from sourcing to ownership, resale and recycling.
TrueTwins’ Digital Passport offers a plug and play consumer interface, accessible through ISO standard compatible identifiers, through a digital widget, NFC tag, Bar code or QR code, and requires no special hardware. This UID framework is fully compliant with all ISO standards as stipulated in the EU draft regulation article 9.
Fully adhering to EU GDPR regulation, TrueTwins Digital Product Passporting Technology provides a platform for voluntary sharing of data at product level, connecting the consumer with the producer via the vendor and/or payment vehicle, down the entire supply chain. This in turn enables authorities and intermediates along that value chain to gain access to all permitted product data.
Related Posts
EU to develop a sustainable products policy as part of Green Deal
Product passporting is quoted in the EU flagship Green Deal program to deliver net zero carbon emissions by 2050.
Market expectations for ESG innovative data and service providers
Ultimately, greater demand for ESG will spur a large industry of innovative data and service providers, one that we believe could be as large as USD 5 billion in annual revenues five years from now.
EU creates digital passport to document carbon footprint
EU’s Circular Economy Action Plan chime perfectly with the TrueTwins digital passport designed for these very purposes and enabling brands to differentiate themselves in the sustainability space ahead of the regulation now under way.
BlackRock analysts: tectonic shift in valuation of green assets
The shift in value of sustainable products and assets ties in with rapidly increasing requirements for reporting and disclosure of the carbon footprint of investments.