BeZero: Scope 3 Transforms in Global Carbon Markets

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BeZero Carbon is a carbon credit ratings agency for the voluntary carbon market, a USP which has just earned it US$32m in funding | Credit: BeZero Carbon
Scope 3-focused carbon rating platforms transform corporate sustainability, delivering insights to reduce emissions and enhance accountability

In a significant development for companies grappling with Scope 3 emissions, global carbon ratings agency BeZero Carbon has successfully secured a US$32m Series C funding round.

The substantial investment aims to transform how businesses approach their indirect emissions and carbon offsetting strategies.

Empowering Scope 3 emission reduction efforts

BeZero Carbon's innovative platform addresses a critical challenge in carbon markets: the disconnect between a carbon credit's price and its actual climate impact.

For companies striving to manage their Scope 3 emissions, the breakthrough offers a more reliable way to assess and invest in carbon offset projects.

Tommy Ricketts, CEO and Co-Founder of BeZero Carbon | Credit: BeZero Carbon

Tommy Ricketts, CEO and Co-Founder of BeZero Carbon explains the transformative impact of their approach: "When we launched, there was no correlation between the climate impact of a carbon project and the price of a carbon credit. Now, every incremental notch on our rating scale commands an average 40% price premium."

The platform, which provides ratings, data and scientific analysis for more than 480 carbon credit projects, is particularly valuable for businesses looking to reduce their supply chain emissions. 

With more than 100 corporate subscribers globally, including industry giants like UBS, Sumitomo and Equinor, the platform is becoming an essential tool for Scope 3 emissions management.

Sebastien Cross, Chief Innovation Officer and Co-Founder of BeZero Carbon | Credit: BeZero Carbon

Sebastien Cross, Chief Innovation Officer and Co-Founder of BeZero Carbon, highlights the growing importance of their ratings in bolstering market integrity: "Our ratings are quickly becoming a key part of global carbon market infrastructure. Their use continues to grow as market participants seek solutions to bolster integrity."

Implications for global supply chains

The expansion of BeZero's coverage to include domestic and sovereign compliance markets and the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) has significant implications for global supply chains.

The broader scope will enable companies to make more informed decisions about their international operations and transportation-related emissions.

Meanwhile, BeZero's plans to invest in automation and AI will enhance the scalability of its data and analytics offerings.

For businesses dealing with complex supply chains, it means more accurate and timely insights into their Scope 3 emissions, facilitating better decision-making and more effective carbon reduction strategies.

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Singapore: A hub for carbon market innovation

BeZero's strategic move to strengthen its presence in Singapore highlights the city-state's importance in carbon market innovation.

Sebastien noes: "Singapore is a world leader in innovating and nurturing carbon markets. I'm excited to cement our presence here and in the broader region."

The expansion is particularly relevant for companies with operations or suppliers in Asia, offering enhanced tools for managing their regional Scope 3 emissions.

Takao Suzuki, Executive Officer, Senior Vice President for Innovation at Japan Airlines | Credit: Japan Airlines

Aviation industry's commitment to sustainability

The participation of Japan Airlines in this funding round highlights the aviation industry's growing focus on carbon offsetting. 

Takao Suzuki, Executive Officer and Senior Vice President for Innovation at Japan Airlines, comments on the importance of BeZero's work: "We believe BeZero's carbon ratings enhance the transparency and reliability of the carbon market, attracting greater capital and broader participation.

"Through our collaboration, we aim to foster the development of a robust carbon ecosystem and accelerate progress towards achieving net zero CO2 emissions."

UK's leadership in green technology

BeZero's success is reflected positively in the UK's green technology sector.

Baroness Poppy Gustafsson, the UK’s Minister for Investment

Baroness Gustafsson OBE, the UK's Minister for Investment, views this funding as a "huge vote of confidence" in the country's innovative green tech industry.

She states: "This investment is exactly what we want to see as we grow the economy and transition to net zero."

The future of Scope 3 emissions management

As BeZero Carbon expands its operations globally, businesses can expect more sophisticated tools for managing their Scope 3 emissions.

The company's growth aligns with the increasing reliance on carbon markets to meet net-zero goals, potentially supporting millions of jobs and channelling billions into climate action.

Frederick Teo, CEO of GenZero | Credit: Frederick Teo

Frederick Teo, CEO of GenZero, summarises the potential impact: "By leveraging data, internal scientific expertise and methodological insights, BeZero's work will catalyse more capital and demand. We welcome BeZero's presence in Singapore as we develop a global carbon ecosystem here."

For companies committed to reducing their environmental impact across their entire value chain, BeZero Carbon's advancements promise to provide the insights and tools necessary to make meaningful progress in reducing Scope 3 emissions.


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